EconStor >
Wellesley College >
Department of Economics, Wellesley College >
Working Papers, Department of Economics, Wellesley College >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/23214
  
Title:Through A Glass Darkly: New Questions (And Answers) About IMF Programs PDF Logo
Authors:Joyce, Joseph P.
Issue Date:2002
Series/Report no.:Working Papers / Wellesley College, Department of Economics 2002,04
Abstract:Recent research on the International Monetary Fund has focused on the adoption, implementation and impact of their lending programs and their political dimensions. This paper evaluates this literature and suggests promising areas of future work. The first area to be surveyed deals with the initiation of a Fund program, which has been shown to be influenced by political and institutional variables. The record also shows that in some cases governments borrow from the Fund on a continuing basis. A second focus of research analyzes the design and implementation of Fund supported polices, since many programs are often not successfully completed. Political economy models attribute the incomplete implementation to a lack of domestic support for reform measures, and empirical studies provide evidence is support of this hypothesis. The third issue that is addressed is the impact of IMF policies on the economy of the borrowing government. Most of the empirical work finds that these policies improve the balance of payments but may have a negative impact on growth and income distribution. Finally, there are no signs of a catalytic effect on Fund programs on private capital flows to program countries, but some evidence of moral hazard.
JEL:F3
Document Type:Working Paper
Appears in Collections:Working Papers, Department of Economics, Wellesley College

Files in This Item:
File Description SizeFormat
WP2002-04.pdf247.54 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/23214

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.