Fiscal Adjustment In Imf Supported Programs
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Fiscal Adjustment In Imf Supported Programs
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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-17
Fiscal Adjustment In Imf Supported Programs written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-17 with Business & Economics categories.
Using a cross-country sample of 169 IMF-supported programs and detailed studies of 15 programs, this evaluation report examines various aspects of fiscal adjustment in IMF-supported programs. It presents evidence that does not support some critics’ view that IMF-supported programs typically adopt a one-size-fits-all approach to fiscal adjustment, nor the perception that programs always involve austerity by targeting reductions in public spending. The report also proposes a number of recommendations for IMF surveillance and program design in the future.
Do Imf Supported Programs Help Make Fiscal Adjustment More Durable
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Author : Soojin Moon
language : en
Publisher: International Monetary Fund
Release Date : 2003-02-01
Do Imf Supported Programs Help Make Fiscal Adjustment More Durable written by Soojin Moon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-02-01 with Business & Economics categories.
This paper investigates fiscal developments in 112 countries during the 1990s. It finds that, while the overall fiscal balance improved in most of them, the composition of this improvement differed. In nonprogram countries, revenues increased modestly and expenditure declined sharply, while in program countries both revenue and expenditure declined. However, in countries with programs that included structural conditions the adjustment was effected primarily through sharp expenditure compression. We did not find evidence of a statistically significant impact of IMF conditionality. Morever, fiscal improvements are strongly influenced by cyclical factors
Growth And Adjustment In Imf Supported Programs
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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-09
Growth And Adjustment In Imf Supported Programs written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-09 with Business & Economics categories.
This evaluation assesses how well IMF-supported programs helped to sustain economic growth while delivering adjustment needed for external viability over the period 2008–19. The evaluation finds that the Fund’s increasing attention to growth in the programs has delivered some positive results. Specifically, it does not find evidence of a consistent bias towards excessive austerity in IMF-supported programs. Indeed, programs have yielded growth benefits relative to a counterfactual of no Fund engagement and boosted post-program growth performance. Notwithstanding these positive findings, program growth outcomes consistently fell short of program projections. Such shortfalls imply less protection of incomes than intended, fuel adjustment fatigue and public opposition to reforms, and jeopardize progress towards external viability. The evaluation examines how different policy instruments were applied to support better growth outcomes while achieving needed adjustment. Fiscal policies typically incorporated growth-friendly measures but with mixed success. Despite some success in promoting reforms and growth, structural conditionalities were of relatively low depth and their potential growth benefits were not fully realized. Use of the exchange rate as a policy tool to support growth and external adjustment during programs was quite limited. Lastly, market debt operations were useful in some cases to restore debt sustainability and renew market access, yet sometimes were too little and too late to deliver the intended benefits. The evaluation concludes that the IMF should seek to further enhance program countries’ capacity to sustain activity while undertaking needed adjustment during the program and to enhance growth prospects beyond the program. Following this conclusion, the report sets out three recommendations aimed at strengthening attention to growth implications of IMF-supported programs, including the social and distributional consequences.
Expenditure Conditionality In Imf Supported Programs
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Author : Mr.Sanjeev Gupta
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-07
Expenditure Conditionality In Imf Supported Programs written by Mr.Sanjeev Gupta and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.
This paper studies the impact of expenditure conditionality in IMF programs on the composition of public spending. A granular dataset on different government expenditure conditions covering 115 countries for the 1992-2016 period is compiled. The results support the view that while conditionality on specific elements of spending could help achieve a program’s short-term objectives, it is structural conditionality which delivers lasting benefits. Structural public financial management conditionality (such as on budget execution and control) has proven to be effective in boosting the long-term level of education, health, and public investment expenditures. The results further indicate that conditionality on raising such spending may come at the expense of other expenditures. Finally, the successful implementation (and not mere existence) of the conditionality is crucial for improved outcomes. These findings are relevant for policy makers targeting achievement of the Sustainable Development Goals (SDGs).
Does Conditionality In Imf Supported Programs Promote Revenue Reform
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Author : Ernesto Crivelli
language : en
Publisher: International Monetary Fund
Release Date : 2014-11-19
Does Conditionality In Imf Supported Programs Promote Revenue Reform written by Ernesto Crivelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-19 with Business & Economics categories.
This paper studies whether revenue conditionality in Fund-supported programs had any impact on the revenue performance of 126 low- and middle-income countries during 1993-2013. The results indicate that such conditionality had a positive impact on tax revenue, with strongest improvement felt on taxes on goods and services, including the VAT. Revenue conditionality matters more for low-income countries, particularly those where revenue ratios are below the group average. Moreover, revenue conditionality appears to be more effective when targeted to a specific tax. These results hold after controlling for potential endogeneity, sample selection bias, and when revenues are adjusted for economic cycle.
The Impact Of Imf Supported Programs On Fdi In Low Income Countries
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Author : Mr.Ali J Al-Sadiq
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-16
The Impact Of Imf Supported Programs On Fdi In Low Income Countries written by Mr.Ali J Al-Sadiq and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-16 with Business & Economics categories.
It is common for IMF-supported adjustment programs with low-income member countries (LICs) to project that they will facilitate FDI inflows. The main objective of this paper is to empirically examine this hypothesis. Using an unbalanced panel dataset for 73 low-income countries over the period 1980–2012, and two different econometric methods that address the selection-bias problem, the empirical results robustly show that participating in IMF-supported program is associated with a significant increase in FDI inflows.
Fiscal Adjustment In Imf Supported Programs
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Author : International Monetary Fund. Independent Evaluation Office Staff
language : en
Publisher:
Release Date : 2004-01-20
Fiscal Adjustment In Imf Supported Programs written by International Monetary Fund. Independent Evaluation Office Staff and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-20 with categories.
The Independent Evaluation Office (IEO) was established by the IMF’s Executive Board in 2001. It provides objective and independent evaluation of issues related to the IMF. The IEO operates independently of IMF management and at arm’s length from the IMF Executive Board. For more information on the IEO’s activities, visit the IEO website: www.ieo-imf.org.
Imf Staff Papers Volume 48 No 2
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2001-12-12
Imf Staff Papers Volume 48 No 2 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-12-12 with Business & Economics categories.
This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The paper presents an empirical study for South Africa, which indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-term relationship among domestic prices, foreign prices, and the nominal exchange rate.
Macroeconomic And Structural Policies In Fund Supported Programs Review Of Experience
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-11-24
Macroeconomic And Structural Policies In Fund Supported Programs Review Of Experience written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-11-24 with Business & Economics categories.
A Fund-supported program is a package of envisaged policies which, combined with approved financing, is expected to achieve certain economic objectives such as fostering macroeconomic stability and orderly external adjustment, promoting growth and poverty reduction, and reducing vulnerability to future balance of payments problems or financial crises. This paper reviews experience with specific macroeconomic and structural policies intended to achieve these objectives.
The International Monetary Fund And The Learning Organization
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Author : Moisés J. Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-03
The International Monetary Fund And The Learning Organization written by Moisés J. Schwartz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-03 with Business & Economics categories.
The benefits of independent evaluation in international financial institutions have long been recognized. However, independent evaluation in these organizations is of increased relevance during uncertain times that call for more credible and legitimate institutions. While evaluation has long played a function in the IMF, and its role has expanded substantially with the creation of the IEO, independent evaluation has yet to take on a role within the IMF that fully reflects its potential contribution. A strong global economy requires a strong IMF, and a strong IMF requires a strong independent evaluation culture and practice. The establishment of the IEO was only the start of a process that still needs to be fostered and cultivated. Successful independent evaluation is important for the IMF to be perceived as legitimate and credible—and to achieve it, the independent evaluation function needs to be further integrated in the learning process and culture of the Fund. Independent evaluation has played a significant role in contributing to the improvement of the IMF, but the pending challenge is for the IMF and the IEO to create a shared culture that fully embraces the purpose and mission of the IEO, and the learning opportunities offered by independent evaluation. The IMF’s organizational culture has a profound role to play in prompting actions to make learning from independent evaluation a more vibrant element of the Fund’s activities. This book calls on IMF management to take a more active role in instilling the positive value of independent evaluation across the organization and thus enabling independent evaluation to bring the IMF closer to what the literature defines as the ideal of a “learning organization.”