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Compliance with IMF Program Indicators and Growth in Transition Economies

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  • Anna Unigovskaya
  • Valerie Mercer-Blackman
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    Abstract

    This paper makes use of the IMF’s Database for Monitoring Fund Arrangements (MONA) to investigate whether transition countries that more successfully implement the conditionality of IMF programs tend to show a better performance on recovery and growth. It is not possible to determine a clear-cut relationship between the index that determines the level of compliance with structural benchmarks in IMF programs and growth. However, the paper finds a definite, positive relationship between the index of compliance with performance criteria and growth, even after controlling for the extent of stabilization of the transition countries.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/47.

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    Length: 28
    Date of creation: 01 Mar 2000
    Date of revision:
    Handle: RePEc:imf:imfwpa:00/47

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    Related research

    Keywords: Economic growth; Transition economies; transition countries; price liberalization; external shocks; foreign trade; balance of payments; world economy; trade regime; economic outcomes; inflation stabilization;

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    Cited by:
    1. Marek Dabrowski, 2001. "Currency Crises in Emerging Markets - Selected Comparative Studies," CASE Network Reports 0041, CASE-Center for Social and Economic Research.
    2. Dreher, Axel, 2005. "IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality," Proceedings of the German Development Economics Conference, Kiel 2005 11, Verein für Socialpolitik, Research Committee Development Economics.
    3. Graham Bird, 2006. "The Implementation of IMF Programs: A Conceptual Framework," School of Economics Discussion Papers 1506, School of Economics, University of Surrey.
    4. Christian Mumssen & Yasemin Bal-Gunduz & Christian Ebeke & Linda Kaltani, 2013. "IMF-Supported Programs in Low Income Countries: Economic Impact over the Short and Longer Term," IMF Working Papers 13/273, International Monetary Fund.
    5. Morris Goldstein, 2001. "IMF Structural Conditionality: How Much is Too Much?," Working Paper Series WP01-4, Peterson Institute for International Economics.
    6. James L. Butkiewicz & Halit Yanikkaya, 2003. "An Assessment of the Effectiveness of International Financial Intervention," Working Papers 03-05, University of Delaware, Department of Economics.
    7. Michael Hutchison & Ilan Noy, 2003. "Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations," Pacific Basin Working Paper Series 03-02, Federal Reserve Bank of San Francisco.
    8. Cafiso, Gianluca, 2002. "Mandato e Attività del Fondo Monetario Internazionale
      [The Mandate and the Activity of the International Monetary Fund]
      ," MPRA Paper 28272, University Library of Munich, Germany.
    9. James Vreeland, 2006. "IMF program compliance: Aggregate index versus policy specific research strategies," The Review of International Organizations, Springer, vol. 1(4), pages 359-378, December.
    10. Arpac, Ozlem & Bird, Graham & Mandilaras, Alex, 2008. "Stop Interrupting: An Empirical Analysis of the Implementation of IMF Programs," World Development, Elsevier, vol. 36(9), pages 1493-1513, September.
    11. Bird, Graham, 2001. "IMF Programs: Do They Work? Can They be Made to Work Better?," World Development, Elsevier, vol. 29(11), pages 1849-1865, November.

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