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Four Decades of Fund Arrangements; Macroeconomic Stylized Facts Before the Adjustment Programs

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  • Julio A. Santaella

Abstract

This paper analyzes the initial conditions before Fund financial arrangements are adopted. Evidence from 324 Fund arrangements in 78 developing countries during 1973-91 indicates that there are important differences in the characteristics between program episodes and a control group. Program episodes exhibit weaker balance of payments, output growth, investment, external conditions and fiscal policy than the control group; they are also characterized by a higher degree of external indebtedness and inflation, and their exchange rates are more depreciated in both nominal and real terms. Only in the case of the growth rates of money and credit do the two groups appear to be statistically similar.

Suggested Citation

  • Julio A. Santaella, 1995. "Four Decades of Fund Arrangements; Macroeconomic Stylized Facts Before the Adjustment Programs," IMF Working Papers 95/74, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:95/74
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    Cited by:

    1. Carlos de Resende, 2007. "IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect," Staff Working Papers 07-22, Bank of Canada.
    2. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November.
    3. Fasano-Filho, Ugo, 1996. "Economic policy making in sub-Saharan Africa and IMF involvement," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(Supplemen), pages 115-151.
    4. June-Dong Kim & Sang-In Hwang, 2000. "The Role of Foreign Direct Investment in Korea's Economic Development: Productivity Effects and Implications for the Currency Crisis," NBER Chapters,in: The Role of Foreign Direct Investment in East Asian Economic Development, NBER-EASE Volume 9, pages 267-294 National Bureau of Economic Research, Inc.
    5. Bird, Graham, 1996. "Borrowing from the IMF: The policy implications of recent empirical research," World Development, Elsevier, vol. 24(11), pages 1753-1760, November.

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