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

Author/Editor:

International Monetary Fund

Publication Date:

December 1, 1998

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Working Paper No. 98/169

Subject:

English

Publication Date:

December 1, 1998

ISBN/ISSN:

9781451858310/1018-5941

Stock No:

WPIEA1691998

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

28

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