## Four Decades of Fund Arrangements: Macroeconomic Stylized Facts Before the Adjustment Programs

_IMF Working Papers, July 1, 1995_

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## Bibliographic details
- Authors: Julio A. Santaella
- Published: July 1, 1995
- Series: IMF Working Papers

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### Study scope and data
- Evidence from 324 Fund arrangements in 78 developing countries during 1973-91.
- Paper length: 50 pages.
- Author: Julio A. Santaella.
- Publication date: July 1, 1995.
- Series: Working Paper No. 1995/074.
- ISBN: 9781451849530.
- ISSN: 1018-5941.
- Also published in Staff Papers, Vol. 43, No. 3, September 1996.

### Key empirical findings
- Program episodes (countries entering Fund financial arrangements) differ importantly from a control group across multiple macroeconomic dimensions:
  - Weaker balance of payments.
  - Weaker output growth.
  - Lower investment.
  - Weaker external conditions.
  - Weaker fiscal policy.
  - Higher degree of external indebtedness.
  - Higher inflation.
  - Exchange rates more depreciated in both nominal and real terms.
- Exception:
  - Growth rates of money and credit: program episodes and the control group appear to be statistically similar.

### Subjects and keywords covered
- Subjects: Central banks, Domestic credit, Exports, External debt, Foreign exchange, International reserves, International trade, Money, Real effective exchange rates.
- Keywords: adjustment program, Africa, Domestic credit, Eastern Europe, Exports, FCT UCT, International reserves, program episode, Real effective exchange rates, terms of trade, UCT ESAP, UCT Jap, UCT SAP, WP.

### Publication identifiers
- Volume: 1995.
- Issue: 074.
- Stock No: WPIEA0741995.
- DOI: ---.

*Julio A. Santaella, "Four Decades of Fund Arrangements: Macroeconomic Stylized Facts Before the Adjustment Programs", IMF Working Papers 1995, 074 (1995).*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/four-decades-of-fund-arrangements-macroeconomic-stylized-facts-before-the-adjustment-programs-1903_