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The IMF Approach to Economic Stabilization

  • Miguel A. Savastano
  • Michael Mussa
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    This paper explains the IMF approach to economic stabilization. It argues that a Fund-supported program is a process, comprising six broadly defined phases, that evolves along a multiplicity of potential pathways. The paper discusses the three-pronged approach to stabilization at the core of all IMF-supported programs, stresses the iterative character of “financial programming,” and explains the rationale for setting quantitative performance criteria for fiscal and monetary policy in IMF-supported arrangements. A main theme is that IMF-supported programs contain a great deal of flexibility to respond both to differences in circumstances and to changes in conditions in individual cases.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=3177
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/104.

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    Length: 42
    Date of creation: 01 Jul 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/104
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