Structural Reforms, IMF Programs and Capacity Building: An Empirical Investigation
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 12/232.
Date of creation: 21 Sep 2012
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