Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence

International Monetary Fund

No 1998/169, IMF Working Papers from International Monetary Fund

Abstract: Over the last two decades a number of cross-country empirical studies have been undertaken to assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth. These studies use a variety of methodologies and cover different country samples and time periods. This paper critically surveys the evidence yielded by the cross-country studies, paying special attention to the pros and cons of the respective empirical methodologies employed. These studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy.

Keywords: WP; program country; Fund-supported program; program effect; adjustment program; policy recommendation; program participation (search for similar items in EconPapers)
Pages: 28
Date: 1998-12-01
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Citations: View citations in EconPapers (87)

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