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Structural Reforms, IMF Programs and Capacity Building : An Empirical Investigation

Author/Editor: Rabah Arezki | Marc Quintyn | Frederik G Toscani
Authorized for Distribution: September 21, 2012
Electronic Access: Free Full Text (PDF file size is 1,618KB)
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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: This paper investigates the role that International Monetary Fund (IMF) programs and capacity building play in fostering structural reforms. To do so, we exploit two novel datasets on IMF capacity building and structural reforms available for over one hundred IMF member countries over the period 1980 - 2010. The main results are threefold. First, there is a general association between IMF programs and structural reforms but this relationship is not very robust. Second, IMF training leads to an increase in structural reforms but only through IMF programs and only when a significant share of public servants is trained. Third, IMF technical assistance does not significantly lead to more structural reforms but raises the likelihood of completion of ongoing IMF programs. Our results are robust to a large number of checks, estimators and correcting for endogeneity.
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Series: Working Paper No. 12/232
Subject(s): Fiscal reforms | Fund facilities | External training programs | Fund role | Economic models
    Published:   September 21, 2012        
    ISBN/ISSN:   9781475510706/1018-5941   Format:   Paper
    Stock No:   WPIEA2012232   Pages:   29
    Price:   US$18.00
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