Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence

International Monetary Fund

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International Development and Aid Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

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.

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References

1992Handbook of development economics 2023Finance and development 1990The Macroeconomic Effects of Fund-Supported Adjustment Programs 1994IMF lending programs: Participation and impact 1986Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls (Evaluation des programmes de stabilisation du Fonds a partir de donnees sur divers pays: quelques ecueils methodologiques) (La evaluacion de los programas de estabilizacion del Fondo con los datos de diversos paises: algunas dificultades metodologicas)2000Evaluating the effect of IMF lending to low-income countries 1992What Can We Know About the Effects of IMF Programmes?1992Adjustment Lending Revisited: Policies to Restore Growth

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