Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence
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Summary:
Over the last two decades a number of cross-country empirical studies have been undertaken to assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth. These studies use a variety of methodologies and cover different country samples and time periods. This paper critically surveys the evidence yielded by the cross-country studies, paying special attention to the pros and cons of the respective empirical methodologies employed. These studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy.
Series:
Working Paper No. 1998/169
Subject:
Current account Current account balance Domestic credit Inflation Labor
English
Publication Date:
December 1, 1998
ISBN/ISSN:
9781451858310/1018-5941
Stock No:
WPIEA1691998
Pages:
28
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