Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence
IMF Working Papers, December 1, 1998
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- Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence
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Bibliographic details
- Published: December 1, 1998
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451858310.001
Overview and objective
- Critically surveys cross-country empirical studies conducted over the last two decades that assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth.
- Pays special attention to the pros and cons of the respective empirical methodologies employed.
- Notes that studies use a variety of methodologies and cover different country samples and time periods.
Key findings from the surveyed literature
- The surveyed cross-country studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy.
- Empirical evidence examined focuses on outcomes including:
- balance of payments and current account balance
- inflation
- growth
Methodological observations
- Studies employ a variety of empirical methodologies.
- The paper emphasizes evaluation of the strengths and weaknesses (pros and cons) of these methodologies when interpreting program effects across countries and time periods.
Subject areas and keywords covered
- Subjects: Current account, Current account balance, Domestic credit, Inflation, Labor
- Keywords: adjustment program, Fund-supported program, policy recommendation, program country, program effect, program participation, WP
Content in this bundle
- Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence - WP/98/169