The Macroeconomic Effects of ESAF-Supported Programs : Revisiting Some Methodological Issues

Author/Editor:

Susan M Schadler ; Louis Dicks-Mireaux ; Mauro Mecagni

Publication Date:

September 1, 1995

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:

This paper examines whether ESAF-supported programs during 1986-91 had significant independent effects on growth, inflation and the external debt service ratio. Econometric estimates of the Generalized Evaluation Estimator (GEE) identify statistically significant beneficial effects on output growth and the debt service ratio but no effects on inflation. The robustness of these estimates is also examined. Diagnostic tests cast doubt on the applicability of the GEE framework to the ESAF-eligible countries, and the results obtained using it.

Series:

Working Paper No. 95/92

Subject:

English

Publication Date:

September 1, 1995

ISBN/ISSN:

9781451951486/1018-5941

Stock No:

WPIEA0921995

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

42

Please address any questions about this title to publications@imf.org