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the Global Development Finance. All these sources have presented many lacks in
the data in their series, forcing us quite often to choose between the number of
countries in the sample and the number of variables to include in the equations.
In fact, according to the IFS de...nition, the total number of “developing coun-
tries” would be 157: of those 64 had to be excluded due missing data, both in the
control and in the dependent variables. We assume that the resulting countries
selection is not endogenous. The variables we have decided to use are described
in Table 3 below. We decided to choose among the most signi.cant regressors we
found in the literature on both IMF arrangements and debt rescheduling, that is:

Table 3: Variables de.nition (a)

Variable

De...nition____________________________

Units___________

Expctd. sign

IMF

Approval of an IMF arrangements

Binary

DRES

Total amount of Debt Rescheduled

Binary

BB

Baker and Brady countries

Binary

+

BEF

Previous Fund arrangement

Binary

+

GDPPC

GDP at market prices per capita

% Pop.

GDI

Gross domestic investment

% GDP

EDT

Total external debt stock

% GDP

+

TDS

Total debt service

% exports

+

RES

Total reserves minus gold

% imports

INFL

Consumer price index

% rate of change

+

BOP

Balance of Payment

% GDP

CA

Current Account

% GDP

EXP

Exports of goods and services

% imports

IAR

Interest arrears on long-term debt

% exports

-/+

PAR

Principal arrears on long-term debt

% reserves

-/+

GGC

General government consumption

% rate of change

(a) the Appendix contai ns all the calculation details.

As for the control variables they are basically traditional “ratio variable”,
quite common regressors among those we have found in other studies on the
determinants of both IMF arrangements and debt rescheduling. These variables
capture both domestic and external factors. They will be more carefully analysed
in the next two subsections.

21



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