Completion and Conditionality: A Parsimonious Analysis of IMF Programs

Graham Bird, Harvey Baldovino and Dane Rowlands
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Graham Bird: Claremont Institute for Economic Policy Studies, Claremont Graduate University, USA
Harvey Baldovino: Claremont Institute for Economic Policy Studies, Claremont Graduate University, USA
Dane Rowlands: ��Norman Paterson School of International Affairs, Carleton University, Canada

Journal of International Commerce, Economics and Policy (JICEP), 2024, vol. 15, issue 03, 1-14

Abstract: A feature of IMF programs is the relatively large proportion that are not carried through to completion. One explanation is that excessive conditionality undermines ownership and commitment to IMF-favored policy reform. The IMF’s “streamlining†initiative in the early 2000s was intended to limit conditionality and thereby improve the completion rate. This paper empirically investigates the relationship between conditionality and completion. For the full period, 1980–2019, it discovers no statistically significant relationship between them at the aggregate level. It goes on to examine the ways in which this result can be interpreted and discusses the implications for reform.

Keywords: International Monetary Fund; international finance (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S1793993324400015

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