Historical Experience with Bond Financing to Developing Countries

On the Determinants of First-Time Sovereign Bond Issues

“…23 The dummy variable for IMF program takes value of I if the country has a Stand-by or EFF arrangement with the Fund in a given year, and 0 otherwise. From 38 countries present in the sample, only Pakistan and Sri Lanka have had ESAF/SAF-type arrangements with the Fund (Pakistan in 1997-2000and 200 I-current, and Sri Lanka in 1988-1991and 1991-1995. These countries/cases, however, were given O's, given the restrictions that the ESAF arrangements typically carried in terms of external borrowing.…”