IMF Conditionality and Private Credit Development in Developing Countries: The Role of Program Intensity and Composition
by Mahmoud Tarek Zaki Abstract This thesis investigates whether the composition of IMF binding conditionality matters more than its overall intensity for domestic private credit in developing countries. Using a panel of 115 countries from 1990 to 2019 and a three-equation instrumental-variables framework, the analysis disaggregates binding conditionality into prior actions, quantitative performance criteria, and […]
Proposing an Alternative to the European Central Bank’s Fiscal Convergence Criteria
By Junaid Arefeen The recent onset of the sovereign debt crisis in the Eurozone has brought the viabil-ity of the Eurozone as a currency area into question. The unsustainable debt and deficit balances accumulated by several Eurozone nations since the adoption of the common currency in 1999, and the consequent incidence of high levels of sovereign […]
