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

December 1, 1998

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Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence, (USA: International Monetary Fund, 1998) accessed September 18, 2024

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.

Subject: Current account, Current account balance, Domestic credit, Inflation, Labor

Keywords: Adjustment program, Fund-supported program, Policy recommendation, Program country, Program effect, Program participation, WP

Publication Details

Pages:

28
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1998/169
Stock No:

WPIEA1691998
ISBN:

9781451858310
ISSN:

1018-5941

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