Table 1: Economic determinants of IMF loans
Study____________ |
Dep. variable___________ |
Model/Est. meth. |
Signi...cant regressors |
Bird and Orme |
Drawings on the IMF |
OLS |
Current acc./trade Rate of in≠ation Euro-curr. cred./imports |
Cornelius (1987) |
Demand for IMF credits |
OLS |
Debt service |
Joyce |
Fund prog. adoption |
Logit |
Gov. exp./GDP Int. rese rves Dom. cred. growth Year dummies__________ |
Conway |
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 |
Knight and Santaella |
Arrangement approval |
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%_______ |