Who runs the IFIs?



Table 3 Financial crises and IFI disbursements: econometric results

Dependent variable: DISBki/GDPi

Variables____________

________Coefficients (t-stats)

Coefficients (t-stats)_________

D_IMF_AFR

0.29 (12.1)

0.29 (12.1)

D WB AFR

0.87 (26.2)

0.87 (26.6)

D IMF AS

0.11 (5.42)

0.10 (6.1)

DWB AS

0.43 ((15.0)

0.43 (15.9)

D IMF EUR

0.31 (4.3)

0.32 (4.3)

D WB EUR

0.24 (8.5)

0.25 (8.5)

D IMF LA

0.02 (0.5)

0.10 (2.2)

DWB LA

0.32 (12.9)

0.28 (18.1)

D IMF ME

0.05 (3.6)

0.05 (3.6)

D_WB_ME

0.18 (5.6)

0.18 (5.6)

Crisis_IMF

0.47 (13.9)

0.271(4.3)

Crisis_WB

0.097 (5.1)

0.22 (12.1)

Crisis_IMF_90

--

0.268 (4.2)

Crisis_WB_90

--

_____________-0.18 (8.92)_________

Legend

DISBki: disbursements by institution k (k=IMF, WB) to region i

GDPi: GDP in region i

D_IMF_i: regional fixed effects for the IMF (i=AFR,AS,EUR,LA,ME)

D_WB_i: regional fixed effects for the World Bank (i=AFR,AS,EUR,LA,ME)

Crisis: see table 2

Crisis_90: shift in the coefficient for crises during the nineties

t-statistics in parentheses

Table 4 Influential shareholders and IFI lending

Dependent variable: DISBki/GDPi

Variables______

(1)

(2)

(3)

XUS

0.017 (5.2)

0.035 (4.6)

0.06 (8.3)

Xeu

--

0.032 (12.7)

0.03 (9.5)

Xjap

--

-0.022 (6.1)

-0.02 (7.1)

CLAIMSus

23.9 (3.5)

22.2 (4.4)

54.8 (8.7)

CLAIMSeu

--

2.4 (0.8)

28.6 (4.7)1

CLAIMSjap

--

13.8 (3.1)

48.8 (9.1)2

crisis_imf

0.47 (73.7)

0.44 (30.8)

0.41 (31.3)

CRISIS_WB

0.07 (8.4)

0.04 (4.4)

0.01(1.5)

22



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