The Macroeconomic Effects of Fund-Supported Adjustment Programs

Mohsin Khan

IMF Staff Papers, 1990, vol. 37, issue 2, 195-231

Abstract: The evidence is reviewed on the macroeconomic effects of Fund-supported adjustment programs, and new estimates are provided of these effects for 69 developing countries with programs during 1973-88. The empirical analysis indicates that in the short run programs have led to an improvement in the current account and the balance of payments, a lowering of inflation, and a decline in growth. In the longer run the positive effects of programs on the external balance and inflation are strengthened, and the adverse growth effects reduced. There is also evidence of a positive link between macroeconomic stability and economic growth.

Date: 1990
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