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Table 1: Economic determinants of IMF loans

Study____________	Dep. variable___________	Model/Est. meth.	Signi...cant regressors
Bird and Orme (1981)	Drawings on the IMF	OLS	Current acc./trade Rate of in≠ation GNP per capita Imports Euro-curr. cred./imports
Cornelius (1987)	Demand for IMF credits	OLS	Debt service GNP per capita Imports Int. rese rves Cap. mks. borr.
Joyce (1992)	Fund prog. adoption	Logit	Gov. exp./GDP Int. rese rves Dom. cred. growth Current acc./export GDP per capita Year dummies__________
Conway (1984)	IMF participation (binary choice) (cont. var.cens. at 0 and 1)	Probit Tobit	Prev. adoption Lagg. curr. acc./GDP Terms of trade World real rate Lagg. real GDP growth For. ex. res./imports L-term external debt IMF prog. esp. date Year dummies
Knight and Santaella (1997)	Arrangement approval Demand and supply ofa ...nancial arrangement	Probit Bivariate probit	Int. reserves Ext. debt serv./exports GDP per capita I nvestment/GDP Real exchange rate Prev. adoption Year dummy Gov. revenue growth Gov. expend. growth Nom. depr. > 5%_______

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