## Institutions, Program Implementation, and Macroeconomic Performance

_IMF Working Papers, September 1, 2004_

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**Canonical URL:** [Institutions, Program Implementation, and Macroeconomic Performance](https://www.imf.org/en/publications/wp/issues/2016/12/31/institutions-program-implementation-and-macroeconomic-performance-17613)

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## Bibliographic details
- 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

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### Summary and scope
- 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.

### Key findings
- 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:
  - lower inflation;
  - initially weaker but ultimately stronger external and fiscal outcomes.
- Program implementation has a statistically insignificant impact on economic growth.

### Data and methods
- 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.

### Publication and identification
- 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

*Source: IMF Working Paper "Institutions, Program Implementation, and Macroeconomic Performance" (Working Paper No. 2004/184).*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/institutions-program-implementation-and-macroeconomic-performance-17613_