{
  "title": "Institutions, Program Implementation, and Macroeconomic Performance",
  "publication": "IMF Working Papers, September 1, 2004",
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  "summary": "This paper assesses empirically the links among a country's institutions and political environment, its implementation of IMF-supported programs, and macroeconomic performance in a sample of 197 programs approved between 1992 and 2002.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- Empirical assessment of links among a country's institutions and political environment, implementation of IMF-supported programs, and macroeconomic performance.\n- Sample: 197 programs approved between 1992 and 2002.\n- Time horizons examined include short horizons (up to two years) and longer time horizons."
    },
    {
      "heading": "Key findings",
      "content": "- A stronger institutional and political environment is associated with better macroeconomic outcomes, especially at longer time horizons.\n- The direct beneficial effect of institutions on macroeconomic outcomes is in addition to their indirect effect through better program implementation.\n- Program implementation exerts an independent influence on macroeconomic outcomes, especially over shorter time horizons of up to two years.\n- Better-implemented programs are associated with:\n  - lower inflation;\n  - initially weaker but ultimately stronger external and fiscal outcomes.\n- Program implementation has a statistically insignificant impact on economic growth."
    },
    {
      "heading": "Data and methods",
      "content": "- Empirical analysis based on a sample of 197 IMF-supported programs approved between 1992 and 2002.\n- Publication length: 41 pages.\n- Series: Working Paper No. 2004/184."
    },
    {
      "heading": "Publication and identification",
      "content": "- Authors: Saleh M. Nsouli, Ruben V Atoyan, Alex Mourmouras.\n- Date: September 1, 2004.\n- DOI: https://doi.org/10.5089/9781451859393.001\n- ISBN: 9781451859393\n- ISSN: 1018-5941\n- Stock No: WPIEA1842004\n- Subjects: Corruption, Current account, Current account balance, Fiscal stance, Inflation\n- Keywords: IMF-supported program, program implementation, WP\n\nSource: IMF Working Paper \"Institutions, Program Implementation, and Macroeconomic Performance\" (Working Paper No. 2004/184).\n\n---\n\n Content in this bundle\n\n- wp04184\n  - wp04184 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp04184 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/institutions-program-implementation-and-macroeconomic-performance-17613"
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    "Authors: Saleh M. Nsouli, Ruben V Atoyan, Alex Mourmouras",
    "Published: September 1, 2004",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451859393.001",
    "Empirical assessment of links among a country's institutions and political environment, implementation of IMF-supported programs, and macroeconomic performance.",
    "Sample: 197 programs approved between 1992 and 2002.",
    "Time horizons examined include short horizons (up to two years) and longer time horizons.",
    "A stronger institutional and political environment is associated with better macroeconomic outcomes, especially at longer time horizons.",
    "The direct beneficial effect of institutions on macroeconomic outcomes is in addition to their indirect effect through better program implementation.",
    "Program implementation exerts an independent influence on macroeconomic outcomes, especially over shorter time horizons of up to two years.",
    "Better-implemented programs are associated with:",
    "Program implementation has a statistically insignificant impact on economic growth.",
    "Empirical analysis based on a sample of 197 IMF-supported programs approved between 1992 and 2002.",
    "Publication length: 41 pages.",
    "Series: Working Paper No. 2004/184.",
    "Authors: Saleh M. Nsouli, Ruben V Atoyan, Alex Mourmouras.",
    "Date: September 1, 2004.",
    "DOI: https://doi.org/10.5089/9781451859393.001",
    "ISBN: 9781451859393",
    "ISSN: 1018-5941",
    "Stock No: WPIEA1842004",
    "Subjects: Corruption, Current account, Current account balance, Fiscal stance, Inflation",
    "Keywords: IMF-supported program, program implementation, WP",
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