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Do IMF-Supported Programs Help Make Fiscal Adjustment More Durable?

Soojin Moon and Ales Bulir ()

No 03/38, IMF Working Papers from International Monetary Fund

Abstract: This paper investigates fiscal developments in 112 countries during the 1990s. It finds that, while the overall fiscal balance improved in most of them, the composition of this improvement differed. In nonprogram countries, revenues increased modestly and expenditure declined sharply, while in program countries both revenue and expenditure declined. However, in countries with programs that included structural conditions the adjustment was effected primarily through sharp expenditure compression. We did not find evidence of a statistically significant impact of IMF conditionality. Morever, fiscal improvements are strongly influenced by cyclical factors

Keywords: Conditionality; Fiscal policy; Fund-supported adjustment programs; IMF-supported programs, general evaluation estimator, structural conditionality, fiscal adjustment, fiscal balance, fiscal developments, International Monetary Arrangements and Institutions, Fiscal Policies and Behavior of Economic Agents: General, (search for similar items in EconPapers)
Date: 2003-02-01
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Handle: RePEc:imf:imfwpa:03/38