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Social Spending in IMF-supported Programs

  • Ricardo Martin

    (World Bank)

  • Alex Segura-Ubiergo

    (International Monetary Fund)

This paper analyzes the impact of IMF-supported programs on health and education spending in a large time-series cross-section sample of countries. Using an ARIMA model to model time dynamics and instrumental variables to correct for the well-known endogeneity of IMF-supported programs, the paper finds, contrary to the conventional wisdom, that health and education do not decline in the presence of an IMF-supported program. However, this does not necessarily mean that the poor are protected from the costs of economic adjustment.

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File URL: http://econwpa.repec.org/eps/pe/papers/0504/0504011.pdf
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Paper provided by EconWPA in its series Public Economics with number 0504011.

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Date of creation: 30 Apr 2005
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Handle: RePEc:wpa:wuwppe:0504011
Note: Type of Document - pdf
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Garuda, Gopal, 2000. "The Distributional Effects of IMF Programs: A Cross-Country Analysis," World Development, Elsevier, vol. 28(6), pages 1031-1051, June.
  2. Robert J. Barro & Jong-Wha Lee, 2002. "IMF Programs: Who is Chosen and What Are the Effects?," NBER Working Papers 8951, National Bureau of Economic Research, Inc.
  3. 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.
  4. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
  5. Graham Bird & Dane Rowlands, 1997. "The Catalytic Effect of Lending by the International Financial Institutions," The World Economy, Wiley Blackwell, vol. 20(7), pages 967-991, November.
  6. Dollar, David & Svensson, Jakob, 1998. "What explains the success or failure of structural adjustment programs?," Policy Research Working Paper Series 1938, The World Bank.
  7. Baltagi, Badi H. & Li, Qi, 2002. "On instrumental variable estimation of semiparametric dynamic panel data models," Economics Letters, Elsevier, vol. 76(1), pages 1-9, June.
  8. Jinyong Hahn & Jerry Hausman, 2002. "A New Specification Test for the Validity of Instrumental Variables," Econometrica, Econometric Society, vol. 70(1), pages 163-189, January.
  9. G. A. Mackenzie & Philip R. Gerson & David William Harold Orsmond, 1997. "The Composition of Fiscal Adjustment and Growth; Lessons from Fiscal Reforms in Eight Economies," IMF Occasional Papers 149, International Monetary Fund.
  10. Reza Baqir, 2002. "Social Sector Spending in a Panel of Countries," IMF Working Papers 02/35, International Monetary Fund.
  11. Przeworski, Adam & Vreeland, James Raymond, 2000. "The effect of IMF programs on economic growth," Journal of Development Economics, Elsevier, vol. 62(2), pages 385-421, August.
  12. Robert R. Kaufman & Alex Segura-Ubiergo, 2005. "Globalization, Domestic Politics and Social Spending in Latin," Public Economics 0504009, EconWPA.
  13. Soojin Moon & Ales Bulir, 2003. "Do IMF-Supported Programs Help Make Fiscal Adjustment More Durable?," IMF Working Papers 03/38, International Monetary Fund.
  14. Benedict J. Clements & Liam P. Ebrill & Sanjeev Gupta & Anthony J. Pellechio & Jerald Alan Schiff & George T. Abed & Ronald T. McMorran & Marijn Verhoeven, 1998. "Fiscal Reforms in Low-Income Countries," IMF Occasional Papers 160, International Monetary Fund.
  15. Dicks-Mireaux, Louis & Mecagni, Mauro & Schadler, Susan, 2000. "Evaluating the effect of IMF lending to low-income countries," Journal of Development Economics, Elsevier, vol. 61(2), pages 495-526, April.
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