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The Development and Implementation of IMF and World Bank Conditionality

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  • Axel Dreher

Abstract

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this conditionality over time as well as differences between the two institutions. Using panel data it is shown that the number of Fund conditions seem to be influenced by contemporaneous World Bank activity. Moreover, the paper tries to explain compliance with World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank conditionality is lower in election years and pre- election years. Breakdowns of IMF programs are less likely in election years. However, no other political factors seem to influence interruptions and compliance systematically. The paper describes the institutions’ reaction to recent criticism and concludes with implications for reform.

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File URL: http://128.118.178.162/eps/if/papers/0207/0207003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series International Finance with number 0207003.

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Date of creation: 25 Jul 2002
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Handle: RePEc:wpa:wuwpif:0207003

Note: Type of Document - ; prepared on PC; figures: included
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Web page: http://128.118.178.162

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Keywords: IMF; World Bank; Conditionality; Compliance; Program Interruption;

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References

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  1. Haggard, Stephan, 1985. "The politics of adjustment: lessons from the IMF's Extended Fund Facility," International Organization, Cambridge University Press, vol. 39(03), pages 505-534, June.
  2. Dreher, Axel & Vaubel, Roland, 2000. "Does the IMF cause moral hazard and political business cycles? : Evidence from panel data," Discussion Papers 598, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  3. Boockmann, Bernhard & Dreher, Axel, 2002. "The Contribution of the IMF and the World Bank to Economic Freedom," ZEW Discussion Papers 02-18, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  4. Michael M. Hutchison, 2001. "A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs," NBER Working Papers 8305, National Bureau of Economic Research, Inc.
  5. Beck, Thorsten & Clarke, George & Groff, Alberto & Keefer, Philip & Walsh, Patrick, 2000. "New tools and new tests in comparative political economy - the database of political institutions," Policy Research Working Paper Series 2283, The World Bank.
  6. Edwards, Sebastian, 1989. "The international monetary fund and the developing countries: A critical evaluation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 31(1), pages 7-68, January.
  7. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
  8. Thiele, Rainer & Wiebelt, Manfred, 2000. "Sind die Anpassungsprogramme von IWF und Weltbank gescheitert? Eine Bilanz der Erfahrungen von zwei Jahrzehnten," Kiel Discussion Papers 357, Kiel Institute for the World Economy (IfW).
  9. Stiglitz, Joseph E, 1999. "The World Bank at the Millennium," Economic Journal, Royal Economic Society, vol. 109(459), pages F577-97, November.
  10. Nash, John & DEC, 1993. "Implementation of trade reform in sub-Saharan Africa : how much heat and how much light?," Policy Research Working Paper Series 1218, The World Bank.
  11. Axel Dreher, 2004. "The Influence of IMF Programs on the Re-election of Debtor Governments," Economics and Politics, Wiley Blackwell, vol. 16(1), pages 53-76, 03.
  12. repec:imf:imfpdp:9702 is not listed on IDEAS
  13. International Monetary Fund, 1998. "Do IMF-Supported Programs Work? a Survey of the Cross-Country Empirical Evidence," IMF Working Papers 98/169, International Monetary Fund.
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Citations

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Cited by:
  1. Axel Dreher & Nathan Jensen, 2003. "Independent Actor or Agent? An Empirical Analysis of the impact of US interests on IMF Conditions," International Finance 0310004, EconWPA, revised 08 Jan 2004.
  2. Hefeker, Carsten, 2003. "Handels- und Finanzarchitektur im Umbruch: Globale Integration und die institutionelle Arbeitsteilung von IWF, Weltbank und WTO," HWWA Discussion Papers 225, Hamburg Institute of International Economics (HWWA).
  3. Hutchison, Michael M. & Noy, Ilan, 2003. "Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 991-1014, December.
  4. repec:hal:journl:halshs-00155767 is not listed on IDEAS
  5. Robert Hamwey, 2005. "Expanding national policy space for development: Why the Multilateral Trading System must change," Development and Comp Systems 0511005, EconWPA.
  6. Josepa Miquel-Florensa, 2007. "Financing Multi-stage projects under moral hazard and limited commitment," Working Papers 2007_4, York University, Department of Economics.
  7. Cohen, Joseph N, 2010. "Neoliberalism’s relationship with economic growth in the developing world: Was it the power of the market or the resolution of financial crisis?," MPRA Paper 24399, University Library of Munich, Germany.
  8. Boockmann, Bernhard & Dreher, Axel, 2002. "The Contribution of the IMF and the World Bank to Economic Freedom," ZEW Discussion Papers 02-18, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  9. Cohen, Joseph N, 2010. "Neoliberalism’s relationship with economic growth in the developing world: Was it the power of the market or the resolution of financial crisis?," MPRA Paper 24527, University Library of Munich, Germany.
  10. Ruxanda Berlinschi, 2010. "Reputation concerns in aid conditionality," The Review of International Organizations, Springer, vol. 5(4), pages 433-459, December.
  11. Josepa Miquel-Florensa, 2007. "Aid Effectiveness: A comparison of Tied and Untied Aid," Working Papers 2007_3, York University, Department of Economics.

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