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Who's in Charge? Ownership and Conditionality in IMF-Supported Programs

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  • Mr. James M. Boughton

Abstract

IMF lending is conditional on a country's commitment to carry out an agreed program of economic policies. Unless that commitment is genuine and broadly held, the likelihood of implementation will be poor. Is there a conflict between national commitment and conditional finance? Are national authorities or other agents in the country less likely to "own" a reform program simply because it is conditionally financed? This paper argues that potential conflicts are reduced when program design takes the country's interests and circumstances into account and when conditionality results from a genuine process of interaction between the IMF and the borrower.

Suggested Citation

  • Mr. James M. Boughton, 2003. "Who's in Charge? Ownership and Conditionality in IMF-Supported Programs," IMF Working Papers 2003/191, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2003/191
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    References listed on IDEAS

    as
    1. Mr. James M. Boughton & Mr. Alex Mourmouras, 2002. "Is Policy Ownership An Operational Concept?," IMF Working Papers 2002/072, International Monetary Fund.
    2. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May.
    3. Mr. James M. Boughton, 2001. "Different Strokes? Common and Uncommon Responses to Financial Crises," IMF Working Papers 2001/012, International Monetary Fund.
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    Cited by:

    1. Christos J. Paraskevopoulos, 2017. "Varieties of capitalism, quality of government, and policy conditionality in Southern Europe:Greece and Portugal in comparative perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 117, Hellenic Observatory, LSE.
    2. Mr. Roger P. Kronenberg & Alessandro Giustiniani, 2005. "Financial Sector Conditionality: Is Tougher Better?," IMF Working Papers 2005/230, International Monetary Fund.
    3. Stefan Koeberle & Harold Bedoya & Peter Silarszky & Gero Verheyen, 2005. "Conditionality Revisited : Concepts, Experiences, and Lessons," World Bank Publications - Books, The World Bank Group, number 7346, December.
    4. Witold J. Henisz & Bennet A. Zelner & Mauro F. Guillen, 2004. "International Coercion, Emulation and Policy Diffusion: Market-Oriented Infrastructure Reforms, 1977-1999," William Davidson Institute Working Papers Series 2004-713, William Davidson Institute at the University of Michigan.
    5. Omotunde E.G. JOHNSON, 2005. "Country Ownership Of Reform Programmes And The Implications For Conditionality," G-24 Discussion Papers 35, United Nations Conference on Trade and Development.

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