Front Matter Page
Research Department
Contents
1. Introduction
2. Related literature
2.1 IMF Support and Banking Crises: The Channels of Influence
2.1.1 Credit Availability
2.1.2 Conditionalities and Financial Reforms
2.1.3 Bad Signals and Moral Hazard
2.2 IMF Support and Financial Crises
3 Data and Stylized Facts
4 The Empirical Strategy
4.1 The Empirical Model
4.2 The Identification Strategy
4.3 The IV Approach
5 Results
5.1 Main Findings
5.2 The Credit Channel
5.3 The Reform Channel
5.3.1 Compliance with Conditionality
5.3.2 World Bank Lending
6 Robustness Checks and Extensions
6.1 Past Crises, IMF Arrangements, and Future Banking Crises
6.2 Other Potential Triggers of Banking Crises
6.3 The Role of Policies and Institutions
6.4 Instruments and Sub-samples
6.5 Propensity Score Matching Results
6.6 Alternative Lag Structures
7 Conclusions
8 Appendix
List of tables
1. Determinants of Banking Crises: Selected Review
2. Variables: Definitions, Sources and Summary Statistics
3. IMF lending Arrangements and Banking Crises
4. Baseline Regressions
5. The Credit Channel
6. The Reform Channel
7. IMF Programs which do not Follow Financial Crises
8. Additional Control Variables
9. Sample Splits According to the Institutional Setting
10. The US AID Instruments and Sub-samples
11. Propensity Score Matching
12. Different Lag Structure
List of figures
1. Banking Crises and IMF Lending Arrangements
2. IMF Lending Arrangements and Foreign Policy Similarity
3. Coefficient on IMF ARRANGEMENT below and above loan size thresholds