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dc.contributor.authorJoyce, Joseph P.en_US
dc.description.abstractThe programs of the International Monetary Fund were originally designed to provide short-termassistance to countries implementing policies to address balance of payments disequilibria. Inrecent decades, however, the Fund has instituted new facilities with longer time horizons, whilemany developing countries have adopted consecutive programs. As a result, the length of timespent by countries in IMF programs has grown, and in some cases has extended over a decade.This paper analyzes the IMF program spells for a group of emerging economies over the periodof 1982 to 1997. Duration models are used to investigate the time dependence of the failure rateof the spells and the factors that affect the duration of program spells. The hazard ratio ofprogram spells has a non-monotonic shape, first rising and then falling over time. Programduration is extended for those countries with lower per-capita income, exports concentrated inprimary goods, landlocked geographic status, and stable legal processes.en_US
dc.relation.ispartofseries|aWorking Papers / Wellesley College, Department of Economics |x2001,01en_US
dc.subject.stwInternationaler Krediten_US
dc.subject.stwAnpassungsprogramm des IWFen_US
dc.titleTime present and time past : a duration analysis of IMF program spellsen_US
dc.typeWorking Paperen_US

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