IMF and Recent Crisis Prevention: Evidence from Romania

Gurgen Ohanyan ()
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Gurgen Ohanyan: The Bucharest University of Economic Studies

A chapter in Entrepreneurship, Business and Economics - Vol. 2, 2016, pp 691-704 from Springer

Abstract: Abstract Romania, a member of the EU, was among the first countries to turn to the IMF for assistance. Since then, the Romanian economy has experienced positive changes and ranks among front runners of economic growth in the EU. In light of the development, it has become an issue of interest to investigate to what extent and how the IMF firstling collaboration with the EU affected the Romanian economy and to appraise the compliance of the government to the underlined measures. At the same time, in context to the case of Romania, the chapter aims to highlight the main actions of the IMF, which could be helpful for prevention or mitigation of a new crisis. The propensity score matching method was used to identify a country most similar to Romania and one that has not claimed IMF assistance—Bulgaria. Comparative analysis of major economic indicators over a 5-year span in Romania and Bulgaria suggests the effectiveness of IMF measures. The novelty of the article is in the results, which underline the success of conditional lending on specific macroeconomic indicators in Romania. Both EU states and other governments cooperating with the IMF might want to take the positive findings into consideration.

Keywords: Romania; Bulgaria; IMF programs; Conditionality; Financial crisis (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurchp:978-3-319-27573-4_45

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DOI: 10.1007/978-3-319-27573-4_45

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