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IMF Conditionality and Country Ownership of Programs

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Author Info

  • Mohsin S. Khan
  • Sunil Sharma

Abstract

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by the borrowing country is crucial for their success. Hence, since both IMF conditionality and country ownership are necessary, the task is one of designing conditionality to maximize program ownership, subject to providing adequate safeguards for IMF lending. The paper discusses some recent proposals for enhancing ownership, and in particular, makes a case for incorporating floating tranches and outcomes-based conditionality in IMF-supported adjustment programs.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/142.

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Length: 32
Date of creation: 01 Sep 2001
Date of revision:
Handle: RePEc:imf:imfwpa:01/142

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Postal: International Monetary Fund, Washington, DC USA
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Related research

Keywords: Conditionality; structural moral hazard; capital markets; international capital markets; adjustment programs; access to international capital; access to international capital markets; international capital; ex post current account balance; adjustment lending; private capital; exogenous shocks; private capital flows; tranching; capital adequacy; conditional lending; private capital markets; tranche release; capital flows; domestic credit; capital account restrictions; floating exchange rate regime;

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