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The Implementation of IMF Programmes: A Conceptual Framework and a Policy Agenda

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  • Graham Bird

    (University of Surrey)

Abstract

The success of IMF supported programmes has conventionally been assessed by examining their effects on intermediate variables such as fiscal deficits, monetary growth and exchange rates, and final outcomes, such as the balance of payments, inflation and economic growth. However, little or no distinction has been made between those countries that implement the conditions incorporated into programmes and those that do not. More recently greater attention has been paid to implementation on the assumption that in order to work programmes need to be implemented. Empirical studies have begun to include political economy variables in an attempt to explain implementation. They have used the concept of ‘ownership’ to provide a theoretical framework. This paper provides an alternative conceptual framework based on the marginal benefits and costs of implementation. It goes on to discuss a range of policies that might be expected to improve implementation.

Suggested Citation

  • Graham Bird, 2003. "The Implementation of IMF Programmes: A Conceptual Framework and a Policy Agenda," School of Economics Discussion Papers 1003, School of Economics, University of Surrey.
    • Handle: RePEc:sur:surrec:1003
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    References listed on IDEAS

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    1. Allan Drazen, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," IMF Staff Papers, Palgrave Macmillan, vol. 49(Special i), pages 36-67.
    2. Graham Bird, 1998. "The effectiveness of conditionality and the political economy of policy reform: is it simply a matter of political will?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 2(1), pages 89-113.
    3. Vreeland,James Raymond, 2003. "The IMF and Economic Development," Cambridge Books, Cambridge University Press, number 9780521016957.
    4. Morris Goldstein, 2017. "IMF Structural Programs," World Scientific Book Chapters, in: TRADE CURRENCIES AND FINANCE, chapter 16, pages 553-638, World Scientific Publishing Co. Pte. Ltd..
    5. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
    6. Graham Bird & Ramkishen Rajan, 2002. "The Evolving Asian Financial Architecture," Centre for International Economic Studies Working Papers 2002-03, University of Adelaide, Centre for International Economic Studies.
    7. Mr. James M. Boughton & Mr. Alex Mourmouras, 2002. "Is Policy Ownership An Operational Concept?," IMF Working Papers 2002/072, International Monetary Fund.
    8. Dreher, Axel, 2006. "IMF and economic growth: The effects of programs, loans, and compliance with conditionality," World Development, Elsevier, vol. 34(5), pages 769-788, May.
    9. Graham Bird, 2002. "The Completion Rate of IMF Programmes: What We Know, Don’t Know and Need to Know," The World Economy, Wiley Blackwell, vol. 25(6), pages 833-847, June.
    10. International Monetary Fund, 1998. "Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence," IMF Working Papers 1998/169, International Monetary Fund.
    11. Michael Mussa & Miguel Savastano, 2000. "The IMF Approach to Economic Stabilization," NBER Chapters, in: NBER Macroeconomics Annual 1999, Volume 14, pages 79-128, National Bureau of Economic Research, Inc.
    12. Axel Dreher, 2003. "The influence of elections on IMF programme interruptions," Journal of Development Studies, Taylor & Francis Journals, vol. 39(6), pages 101-120.
    13. Mr. Mohsin S. Khan & Mr. Sunil Sharma, 2001. "IMF Conditionality and Country Ownership of Programs," IMF Working Papers 2001/142, International Monetary Fund.
    14. Ms. Anna Unigovskaya & Ms. Valerie A Mercer-Blackman, 2000. "Compliance with IMF Program Indicators and Growth in Transition Economies," IMF Working Papers 2000/047, International Monetary Fund.
    15. Joseph P. Joyce, 2006. "Promises Made, Promises Broken: A Model Of Imf Program Implementation," Economics and Politics, Wiley Blackwell, vol. 18(3), pages 339-365, November.
    16. Drazen, Allan, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," CEPR Discussion Papers 3562, C.E.P.R. Discussion Papers.
    17. 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.
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    Cited by:

    1. Graham Bird, 2005. "Over‐optimism and the IMF," The World Economy, Wiley Blackwell, vol. 28(9), pages 1355-1373, September.

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