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dc.contributor.authorJoyce, Joseph P.en_US
dc.description.abstractRecent 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. Thefirst area to be surveyed deals with the initiation of a Fund program, which has beenshown to be influenced by political and institutional variables. The record also showsthat in some cases governments borrow from the Fund on a continuing basis. A secondfocus of research analyzes the design and implementation of Fund supported polices,since many programs are often not successfully completed. Political economy modelsattribute the incomplete implementation to a lack of domestic support for reformmeasures, and empirical studies provide evidence is support of this hypothesis. Thethird issue that is addressed is the impact of IMF policies on the economy of theborrowing government. Most of the empirical work finds that these policies improvethe balance of payments but may have a negative impact on growth and incomedistribution. Finally, there are no signs of a catalytic effect on Fund programs onprivate capital flows to program countries, but some evidence of moral hazard.en_US
dc.relation.ispartofseries|aWorking Papers / Wellesley College, Department of Economics |x2002,04en_US
dc.subject.stwAnpassungsprogramm des IWFen_US
dc.subject.stwMoral Hazarden_US
dc.titleThrough A Glass Darkly: New Questions (And Answers) About IMF Programsen_US
dc.typeWorking Paperen_US

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