IMF-Supported Programmes in Transition Economies: Are They Effective?
We review IMF programmes implemented in Bulgaria and Poland during the 1990s and compare their outcomes. Although Poland did not sign new programmes with the Fund after 1994, IMF programmes have been in effect in Bulgaria since 1991. We also examine empirically the effectiveness of IMF programmes in reducing the crisis probabilities for foreign exchange, output and inflation crises. We find that IMF programmes have been more effective in Bulgaria, especially in reducing inflation crises, than in Poland. Bulgaria's success may be explained by the signing of the recent currency board arrangement after the 1997 financial crisis and the gradual improvement in the country's political environment over time. The results for Poland may be driven by the impact of the initial shock associated with the transition process, including hyperinflation, which coincided with the implementation of fund programmes. Overall, our results support the view that a stable political environment is a key factor for the effectiveness of fund programmes. Comparative Economic Studies (2005) 47, 23–40. doi:10.1057/palgrave.ces.8100090
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 47 (2005)
Issue (Month): 1 (March)
|Contact details of provider:|| Web page: http://www.palgrave-journals.com/|
|Order Information:|| Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK|
Web: http://www.palgrave-journals.com/pal/subscribe/index.html Email:
When requesting a correction, please mention this item's handle: RePEc:pal:compes:v:47:y:2005:i:1:p:23-40. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Daniel Foley)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.