What Determines the Implementation of IMF Programs?

Ozlem Arpac, Graham Bird and Alex (Alexandros) Mandilaras
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Ozlem Arpac: University of Surrey

No 1806, School of Economics Discussion Papers from School of Economics, University of Surrey

Abstract: For many years analysis of IMF conditionality overlooked the extent to which it was implemented. However, more recently increasing attention has been paid to implementation. Theoretical contributions have focused on the importance of special interest groups, but empirical evidence has failed to provide compelling support for the theory. Indeed, empirical studies have reported mixed results that sometimes seem to be conflicting. This paper identifies a range of economic, political and institutional factors that may, in principle, influence implementation. Using various measures of implementation, it then tests an econometric model designed to capture these influences over 1992-2004 exploiting improved sources of data. The results suggest that significant determinants of implementation are trade openness, the existence of veto players and the amount of resources committed by the Fund. The paper offers an interpretation of the results and discusses the implications for policy.

Keywords: IMF; Implementation (search for similar items in EconPapers)
JEL-codes: F33 J32 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2006-09
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Forthcoming in World Development

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Persistent link: https://EconPapers.repec.org/RePEc:sur:surrec:1806

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