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Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence

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  • International Monetary Fund

Abstract

Over the last two decades a number of cross-country empirical studies have been undertaken to assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth. These studies use a variety of methodologies and cover different country samples and time periods. This paper critically surveys the evidence yielded by the cross-country studies, paying special attention to the pros and cons of the respective empirical methodologies employed. These studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy.

Suggested Citation

  • 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.
  • Handle: RePEc:imf:imfwpa:98/169
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