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The goal of this paper is to examine whether IMF lending programs in the MENA region lead international lenders to perceive lower lending risks and generate moral hazard as reflected in a shift in the maturity composition of international debt toward long-term debt flows. We find that IMF credit in general generated moral hazard in MENA after the IMF large-scale rescue package to Mexico.


Originally published in:

Jorge Martinez-Vazquez and Wasseem Mina. Some Effects of IMF Lending Programs in the MENA Countries. Topics in Middle Eastern and North African Economies, electronic journal, Volume 5. Middle East Economic Association and Loyola University Chicago, 2003,

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