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Growth, poverty and the IMF

  • Graham Bird

    (Surrey Centre for International Economic Studies, University of Surrey, Guildford, Surrey, UK)

Although the IMF presents itself as a monetary institution, it plays an important role in providing support to poor countries via its Poverty Reduction and Growth Facility. It is difficult to imagine more central development issues than poverty and growth. However, while there is a broad consensus surrounding the stabilization issues with which IMF programmes conventionally deal, there is much less agreement about the causes of economic growth and poverty. This carries lessons for the design of the PRGF. While most reviews of it focus on 'process', this paper offers a more fundamental analysis of the Fund's involvement in growth and poverty reduction. It suggests that the design of conditionality needs to distinguish between elements according to the degree of scientific consensus. It also suggests that the success of the Fund's attempts to facilitate growth and poverty reduction will be severely constrained unless the necessary external, financial support is provided. Copyright © 2004 John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 16 (2004)
Issue (Month): 4 ()
Pages: 621-636

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Handle: RePEc:wly:jintdv:v:16:y:2004:i:4:p:621-636
Contact details of provider: Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Graham Bird & Alistair Milne, 2003. "Debt Relief for Low Income Countries: Is it Effective and Efficient?," The World Economy, Wiley Blackwell, vol. 26(1), pages 43-59, January.
  2. Graham Bird, 2001. "IMF Programmes: Is there a conditionality Laffer Curve?," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 2(2), pages 29-49, April.
  3. Bird, Graham, 2001. "IMF Programs: Do They Work? Can They be Made to Work Better?," World Development, Elsevier, vol. 29(11), pages 1849-1865, November.
  4. Collier, Paul & Gunning, Jan Willem, 1999. "The IMF's Role in Structural Adjustment," Economic Journal, Royal Economic Society, vol. 109(459), pages F634-51, November.
  5. Rina Bhattacharya & Tarik Yousef & Pierre Dhonte, 2000. "Demographic Transition in the Middle East; Implications for Growth, Employment, and Housing," IMF Working Papers 00/41, International Monetary Fund.
  6. Arvind Subramanian & Gunnar Jonsson, 2000. "Dynamic Gains From Trade; Evidence From South Africa," IMF Working Papers 00/45, International Monetary Fund.
  7. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  8. Abdelhak Senhadji, 2000. "Sources of Economic Growth: An Extensive Growth Accounting Exercise," IMF Staff Papers, Palgrave Macmillan, vol. 47(1), pages 6.
  9. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
  10. Dicks-Mireaux, Louis & Mecagni, Mauro & Schadler, Susan, 2000. "Evaluating the effect of IMF lending to low-income countries," Journal of Development Economics, Elsevier, vol. 61(2), pages 495-526, April.
  11. Jeffrey D. Sachs, 2001. "Tropical Underdevelopment," NBER Working Papers 8119, National Bureau of Economic Research, Inc.
  12. Przeworski, Adam & Vreeland, James Raymond, 2000. "The effect of IMF programs on economic growth," Journal of Development Economics, Elsevier, vol. 62(2), pages 385-421, August.
  13. Arvind Subramanian & Francesco Trebbi & Dani Rodrik, 2002. "Institutions Rule; The Primacy of Institutions over Integration and Geography in Economic Development," IMF Working Papers 02/189, International Monetary Fund.
  14. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
  15. Dhaneshwar Ghura, 1997. "Private Investment and Endogenous Growth; Evidence From Cameroon," IMF Working Papers 97/165, International Monetary Fund.
  16. Michael P. Dooley & Jeffrey A. Frankel, 2003. "Managing Currency Crises in Emerging Markets," NBER Books, National Bureau of Economic Research, Inc, number dool03-1.
  17. Nicholas Crafts, 1999. "East Asian Growth Before and After the Crisis," IMF Staff Papers, Palgrave Macmillan, vol. 46(2), pages 2.
  18. F. Rozwadowski & Siddharth Tiwari & David O. Robinson & Susan Schadler, 1993. "Economic Adjustment in Low-Income Countries; Experience Under the Enhanced Structural Adjustment Facility," IMF Occasional Papers 106, International Monetary Fund.
  19. repec:fth:oxesaf:99-18 is not listed on IDEAS
  20. Shigeru Iwata & Mohsin S. Khan & Hiroshi Murao, 2003. "Sources of Economic Growth in East Asia: A Nonparametric Assessment," IMF Staff Papers, Palgrave Macmillan, vol. 50(2), pages 1.
  21. Khan, Aubhik, 2001. "Financial Development And Economic Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 5(03), pages 413-433, June.
  22. Dollar, David & Kraay, Aart, 2001. "Trade, growth, and poverty," Policy Research Working Paper Series 2615, The World Bank.
  23. Kevin Lee & M. Hashem Pesaran & Ron Smith, 1996. "Growth and Convergence in a Multi-Country Empirical Stochastic Solow Model," Working Papers 9637, Economic Research Forum, revised Dec 1996.
  24. G. Bird & D. Rowlands, 2001. "World Bank Lending And Other Financial Flows: Is There a Connection?," Journal of Development Studies, Taylor & Francis Journals, vol. 37(5), pages 83-103.
  25. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
  26. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  27. Graham Bird, 2001. "What Happened to the Washington Consensus?," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 2(4), pages 33-51, October.
  28. Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 97/97, International Monetary Fund.
  29. Benedict J. Clements & Gabriela Inchauste & Nita Thacker & Thomas William Dorsey & Shamsuddin Tareq & Emanuele Baldacci & Sanjeev Gupta & Mark W. Plant, 2002. "Is the PRGF Living Up to Expectations?," IMF Occasional Papers 216, International Monetary Fund.
  30. Dalia Hakura & Florence Jaumotte, 1999. "The Role of Inter- and Intraindustry Trade in Technology Diffusion," IMF Working Papers 99/58, International Monetary Fund.
  31. 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.
  32. Graham Bird & Dane Rowlands, 2002. "Do IMF Programmes Have a Catalytic Effect on Other International Capital Flows?," Oxford Development Studies, Taylor & Francis Journals, vol. 30(3), pages 229-249.
  33. Jeffrey Sachs & Andrew Warner, 1995. "Economic Reform and the Progress of Global Integration," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research.
  34. Ramkishen Rajan & Graham Bird, 2002. "Trade Liberalization and Poverty: Where Do We Stand?," Centre for International Economic Studies Working Papers 2002-30, University of Adelaide, Centre for International Economic Studies.
  35. Daniel Cohen; Marcelo Soto, 2004. "Why are poor countries poor?," Econometric Society 2004 Latin American Meetings 75, Econometric Society.
  36. John Luke Gallup & Jeffrey D. Sachs & Andrew D. Mellinger, 1998. "Geography and Economic Development," Harvard Institute of Economic Research Working Papers 1856, Harvard - Institute of Economic Research.
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  38. Zuliu F. Hu & Mohsin S. Khan, 1997. "Why Is China Growing So Fast?," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 103-131, March.
  39. Schultz, T.P., 1989. "Investment In Women, Economic Development, And Improvements In Health In Low-Income Countries," Papers 576, Yale - Economic Growth Center.
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