6. Conclusions
The results of this paper con...rm that the adoption of an IMF programme (and the
conditionality that goes with it) could work as a sort of signal of a country’s good
behaviour that may, therefore, induce other creditors to concede a rescheduling
of the country’s external debt. Our estimates of a bivariate probit model, which
is used to control for endogeneity, assigns a posi tive and signi.cant value to the
coe^ient of the dummy “IMF adoption” in the equation which determines the
probability of a debt rescheduling.
29
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