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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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    File URL: https://repec.som.surrey.ac.uk/2003/DP10-03.pdf
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    References listed on IDEAS

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    1. 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.
    2. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
    3. 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.
    4. Mohsin S. Khan & Sunil Sharma, 2001. "IMF Conditionality and Country Ownership of Programs," IMF Working Papers 01/142, International Monetary Fund.
    5. Axel Dreher, 2003. "The influence of elections on IMF programme interruptions," Journal of Development Studies, Taylor & Francis Journals, vol. 39(6), pages 101-120.
    6. 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.
    7. 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.
    8. Morris Goldstein & Timothy F. Geithner & Paul Keating & Yung Chul Park, 2003. "IMF Structural Programs," NBER Chapters,in: Economic and Financial Crises in Emerging Market Economies, pages 363-458 National Bureau of Economic Research, Inc.
    9. 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.
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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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