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Appendix

Data sources

The basic dataset used in this study consists of annual observations of data
for 93 developing countries over the period 1983 - ’95. All the variable were taken
from the International Financial Statistics (IFS), the World Bank Tables, the
World Development Indicators and the Global Development Finance. They were
constructed in the following way:

Endogenous variables

89

< 1 if a country had an arrangement approved during =
IMF= the period 1985-1993.

: 0 otherwise                                                    ;

89
< 1 if a country had its debt rescheduled within not more =
DRES= than two years since the IMF adoption.

: 0 otherwise                                                         ;

Determinants of the demand for an arrangements

∩Γ1P□∩ _ Gross Domestic Product (GDP) at market prices (cur. US$)

GDppC =                     Population

GDI =


EDT =


TDS =


RES =


GGC =


INFL =


Gross Domestic Investment (cur. US$)
GDP at market prices (cur. US$)

Total external debt stocks (EDT) (cur. US$)
GDP at market prices (cur. US$)

Total debt service (TDS) (cur. US$)
Exports of goods & services (cur. US$)

Total reserves minus gold (cur. US$)

Imports of goods & services (cur. US$)

General Government Consumptiont     1

General Government Consumptionti1

33                     ´ ´

.      Consumer Price Indext      1

’     Consumer Price Indexti 1


Eχp = Exports of goods and services (curr. US$)

^^ Imports of goods and services (curr. US$)

IAR    Interest arrears on long-term debt otstanding (LDOD) (cur. US$)

^^                Exports of goods & services (cur. US$)

pʌ p    Principal arrears on long-term debt otstanding (LDOD) (cur. US$)

par =                Total reserves minus gold (cur. US$)


½

BEF =


¾

1 if IMFt ij =1 for anyJ > 1

0 otherwise


½

BB =


¾

if a country adhered either to the Baker or to the Brady plan


0 otherwise


32




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