How to Evaluate the Effects of IMF Conditionality

Alexander Kentikelenis · Thomas Stubbs

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

Abstract

Abstract Given the marked increase in the range and detail of data on International Monetary Fund (IMF) policy reforms, the stage is set to undertake fine-grained quantitative analyses of the impact of conditionality. In attempting to analyze the effects of conditionality, a number of methodological difficulties must be overcome. Countries select into IMF programs and receive conditions based on an array of domestic and global economic, political, and social characteristics, some of which cannot be directly observed or measured. These characteristics may in turn influence the outcome of interest. This chapter surveys the main strategies for studying the effects of IMF intervention. It then advances a compound instrumental variable design over a system of three equations to address the multiple sources of statistical bias.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1977Institutionalized Organizations: Formal Structure as Myth and Ceremony 1998Initial conditions and moment restrictions in dynamic panel data models 1995Another look at the instrumental variable estimation of error-components models 1995Initial conditions and moment restrictions in dynamic panel data models 2009How to do Xtabond2: An Introduction to Difference and System GMM in Stata 1981Biases in Dynamic Models with Fixed Effects 2019Economic Growth and Income Inequality

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2021The Role of IMF Prescribed Policies in Supporting Socio Economic Development in Nigeria 2023IMF conditionality and structural reforms: Evidence from developing countries

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