ALTUNBAS, Y., CHAKRAVARTY, S. and ALPER, K., 2006. Do credit markets have faith in IMF imprimatur? Journal of World Economic Review, 1 (2), pp.221-239.
This paper examines the effect of the IMF imprimatur on the cost of borrowing in the
international capital markets by investigating over 2600 loan contracts issued to public and private sector borrowers located in countries experiencing balance of payments problems between 1993 and 2001. The data are grouped into two samples. Both the samples comprise
countries characterised by similar balance of payments problems, but only one of them comprise countries that have availed of IMF assistance. The IMF assisted countries paid more for short term loans and had obtained fewer long term loans compared to their non-IMF peers for the financing of similar purpose projects.