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.
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.
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
Follow Up On The Recommendations Of The Independent Evaluation Office Report On Fiscal Adjustment In Imf Supported Programs
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-10-02
Follow Up On The Recommendations Of The Independent Evaluation Office Report On Fiscal Adjustment In Imf Supported Programs written by International Monetary Fund. Fiscal Affairs 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 2004-10-02 with Business & Economics categories.
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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.
Imf Supported Programs In Indonesia Korea And Thailand
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 1999-06-30
Imf Supported Programs In Indonesia Korea And Thailand written by Mr.Atish R. Ghosh 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 1999-06-30 with Business & Economics categories.
This paper is a preliminary review of the design of and early experience with IMF-supported programs in Indonesia, Korea, and Thailand during 1997-98. The review takes into account developments as of October 1998, and was the basis for a discussion of the programs by the IMF's Executive Board in December 1998.
The Design Of Imf Supported Programs
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Author : Atish R. Ghosh
language : en
Publisher: IMF
Release Date : 2005-09-20
The Design Of Imf Supported Programs written by Atish R. Ghosh and has been published by IMF this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-20 with Business & Economics categories.
This publication contains a collection of papers which examine the design of IMF-supported programmes during the years 1995-2000 in both middle-income and low-income countries. The analysis covers objectives and outcomes, policy formulation and programme design, and experiences in relation to macroeconomic and structural policies.
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).
Imf Supported Programs
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Author : Ashoka Mody
language : en
Publisher: International Monetary Fund
Release Date : 2006-04-03
Imf Supported Programs written by Ashoka Mody 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 2006-04-03 with Business & Economics categories.
Research work by the IMF's staff on the effectiveness of the country programs the organization supports, which has long been carried out, has intensified in recent years. IMF analysts have sought to "open up the black box" by more closely examining program design and implementation, as well as how these influence programs' effectiveness. Their efforts have also focused on identifying the lending, signaling, and monitoring features of the IMF that may affect member countries' economic performance. This book reports on a large portion of both the new and the continuing research. It concludes that IMF programs work best where domestic politics and institutions permit the timely implementation of the necessary measures and when a country is vulnerable to, but not yet in, a crisis. It points to the need for a wider recognition of the substantial diversity among IMF member countries and for programs to be tailored accordingly while broadly maintaining the IMF's general principle of uniformity of treatment.
Do Imf Supported Programs Boost Private Capital Inflows The Role Of Program Size And Policy Adjustment
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Author : Roberto Benelli
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-01
Do Imf Supported Programs Boost Private Capital Inflows The Role Of Program Size And Policy Adjustment written by Roberto Benelli 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 2003-11-01 with Business & Economics categories.
I analyze empirically whether program size (the size of financial assistance) and policy adjustment matter for the success of IMF-supported programs. I define a program as successful if the initial program projections for net private capital flows are met or exceeded. I find that success is negatively associated with the size of financial assistance, especially in countries with market access, and that projection biases binding constraints on the amount of IMF lending may account for this association. Moreover, policy adjustment seems to have a causal positive effect on the likelihood of program success.