Front Matter Page
Policy Development and Review Department
Contents
I. Introduction
II. Conceptual Issues
III. Evidence From Market Prices
IV. Is IMF Lending Large Enough to Create Serious Moral Hazard?
V. Conclusions
Text Tables
1. Movements in Bond Spreads and IMF-Related “News”, 1995-1999
2. Arrangements Approved with Access Beyond the Fund’s Usual Limits, 1993-98
Figures
1. Yield Spreads on Dollar-Denominated Debt
2. Bond Spread Indices, January 1994-June 1999
3. Yield Spreads and IMF Support for Mexico, October 1994-March 1995
4. Yield Spreads and IMF-Asia Events
5. Yield Spreads and Steps toward IMF Quota Increase, July 1997-March 1999
6. Yield Spreads and IMF-Russia Events, April 1998-March 1999
Appendix I. Preferential treatment of Creditors
Appendix II. “News” relevant to Possible Fund-Induced Moral Hazard
References