New empirical evidence challenges conventional views of IMF lending practices.

This study examines preferential treatment during two distinct periods—1982-1994 and 1995-2001—in Latin American and East European countries.

Data & Methods: Analyzes historical case documents from the International Monetary Fund period, employing qualitative content analysis to identify lending patterns.

### Key Findings

• During systemic crises (1982-1994), IMF prioritized systemically important nations over technocratic fairness principles,

• In non-crisis situations (1995-2001), narrow political considerations gained prominence despite continued regional focus,

• The Bagehot Doctrine's impartiality principle was inconsistently applied across both periods.

### Implications & Context

These findings highlight the tension between international financial stability and domestic political interests in crisis management. They suggest lending preferences reflected a dynamic interplay of economic imperatives, geopolitical shifts, and institutional constraints rather than static motivations.