Stylized Facts before IMF-Supported Macroeconomic Adjustment
This paper analyzes the initial economic conditions before IMF financial arrangements are adopted. Evidence from 104 IMF arrangements in 74 developing countries during 1973-91 indicates that there are important differences between the characteristics of countries about to undergo a program and those of a control group. The program group exhibits weaker balance of payments, output growth, external conditions, and fiscal and credit policies than the control group; it is also characterized by a higher degree of external indebtedness and nominal exchange rate depreciation. In the case of the rate of inflation, investment, real effective depreciation, and the growth rate of money, the two groups appear to be statistically similar.
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): 43 (1996)
Issue (Month): 3 (September)
|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:imfstp:v:43:y:1996:i:3:p:502-544. 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 references are entirely missing, you can add them using this form.