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Structural Reforms, IMF Programs and Capacity Building: An Empirical Investigation

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  • Rabah Arezki
  • Marc Quintyn
  • Frederik G Toscani

Abstract

This paper investigates the role that International Monetary Fund (IMF) programs and capacity building play in fostering structural reforms. To do so, we exploit two novel datasets on IMF capacity building and structural reforms available for over one hundred IMF member countries over the period 1980 - 2010. The main results are threefold. First, there is a general association between IMF programs and structural reforms but this relationship is not very robust. Second, IMF training leads to an increase in structural reforms but only through IMF programs and only when a significant share of public servants is trained. Third, IMF technical assistance does not significantly lead to more structural reforms but raises the likelihood of completion of ongoing IMF programs. Our results are robust to a large number of checks, estimators and correcting for endogeneity.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/232.

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Length: 29
Date of creation: 21 Sep 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/232

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Related research

Keywords: Fiscal reforms; Fund facilities; External training programs; Fund role; Economic models; Structural Reform; IMF Program; Capacity Building.;

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References

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  1. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
  2. Mariano Tommasi & Andres Velasco, 1995. "Where Are We in the Political Economy of Reform?," Working Papers 11, Universidad de San Andres, Departamento de Economia, revised Apr 1996.
  3. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  4. Robert J Barro & Jong-Wha Lee, 2003. "IMF Programs: Who Is Chosen and What Are the Effects?," Departmental Working Papers 2003-09, The Australian National University, Arndt-Corden Department of Economics.
  5. Dollar, David & Alesina, Alberto, 2000. "Who Gives Foreign Aid to Whom and Why?," Scholarly Articles 4553020, Harvard University Department of Economics.
  6. Dicks-Mireaux, Louis & Mecagni, Mauro & Schadler, Susan, 2000. "Evaluating the effect of IMF lending to low-income countries," Journal of Development Economics, Elsevier, vol. 61(2), pages 495-526, April.
  7. Antonio Spilimbergo & Alessandro Prati & Jonathan David Ostry, 2009. "Structural Reforms and Economic Performance in Advanced and Developing Countries," IMF Occasional Papers 268, International Monetary Fund.
  8. Rabah Arezki & Herbert Lui & Marc Quintyn & Frederik G Toscani, 2012. "Education Attainment in Public Administration Around the World: Evidence from a New Dataset," IMF Working Papers 12/231, International Monetary Fund.
  9. Alberto Alesina & Silvia Ardagna & Francesco Trebbi, 2006. "Who Adjusts and When?The Political Economy of Reforms," IMF Staff Papers, Palgrave Macmillan, vol. 53(si), pages 1.
  10. Alberto Alesina & Silvia Ardagna & Francesco Trebbi, 2006. "Who Adjusts and When? On the Political Economy of Reforms," NBER Working Papers 12049, National Bureau of Economic Research, Inc.
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Cited by:
  1. Mihailovici, Gabriela & Lindner, Isabella, 2013. "Understanding Central Banks’ Role in Enlargement – Governance Issues," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1.

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