Who S In Charge Ownership And Conditionality In Imf Supported Programs
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Who S In Charge Ownership And Conditionality In Imf Supported Programs
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Author : Mr.James M. Boughton
language : en
Publisher: International Monetary Fund
Release Date : 2003-09-01
Who S In Charge Ownership And Conditionality In Imf Supported Programs written by Mr.James M. Boughton 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 2003-09-01 with Political Science categories.
IMF lending is conditional on a country's commitment to carry out an agreed program of economic policies. Unless that commitment is genuine and broadly held, the likelihood of implementation will be poor. Is there a conflict between national commitment and conditional finance? Are national authorities or other agents in the country less likely to "own" a reform program simply because it is conditionally financed? This paper argues that potential conflicts are reduced when program design takes the country's interests and circumstances into account and when conditionality results from a genuine process of interaction between the IMF and the borrower.
Imf Conditionality And Country Ownership Of Programs
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Author : Mr.Mohsin S. Khan
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2001-09-01
Imf Conditionality And Country Ownership Of Programs written by Mr.Mohsin S. Khan 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 2001-09-01 with Business & Economics categories.
The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by the borrowing country is crucial for their success. Hence, since both IMF conditionality and country ownership are necessary, the task is one of designing conditionality to maximize program ownership, subject to providing adequate safeguards for IMF lending. The paper discusses some recent proposals for enhancing ownership, and in particular, makes a case for incorporating floating tranches and outcomes-based conditionality in IMF-supported adjustment programs.
Structural Conditionality In Imf Supported Programs
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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2008-04-30
Structural Conditionality 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 2008-04-30 with Business & Economics categories.
This evaluation examines factors influencing the effectiveness of the IMF structural conditionality in bringing about structural reform. It assesses the impact of the streamlining initiative launched in 2000 and of the 2002 Conditionality Guidelines. These guidelines aimed at reducing the volume and scope of structural conditionality by requiring “parsimony” in the use of conditions and stipulated that conditions must be “critical” to the achievement of the program goals. The evaluation finds that during the period 1995–2004, there was extensive use of structural conditionality in IMF-supported programs, with an average of 17 conditions per program/year.
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 Conditionality And Program Ownership
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Author : Mr.S. Nuri Erbas
language : en
Publisher: International Monetary Fund
Release Date : 2003-05-01
Imf Conditionality And Program Ownership written by Mr.S. Nuri Erbas 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 2003-05-01 with Business & Economics categories.
Program conditionality and ownership are important considerations in the IMF's current rethinking of program design. This paper contributes to the literature by developing a theory of program conditionality and ownership on the basis of Cumulative Prospect Theory. The policymaker may value a set of programs, each with fewer conditions, more than an extended program with as many conditions. This valuation bias is greater in ambiguity (Knightian uncertainty) than under uncertainty. If greater valuation of a program engenders more explicit and implicit ownership, then programs with fewer conditions may have a better chance of success. Less is more.
How To Gain The Most From Structural Conditionality Of Imf Supported Programs
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Author : Mr. Jochen R. Andritzky
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-13
How To Gain The Most From Structural Conditionality Of Imf Supported Programs written by Mr. Jochen R. Andritzky 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 2021-05-13 with Business & Economics categories.
Structural conditionality of IMF-supported programs is designed to support structural reforms by countries borrowing from the IMF. Taking stock of program conditions and their implementation, this paper finds that conditionality focuses on fiscal, monetary and financial issues—areas where IMF expertise is strong—and shies away from structural areas such as labor or product market reforms. Hence, tackling deep-rooted structural issues during IMF-supported programs often remained elusive. To ensure countries gain most from IMF conditionality, the paper outlines an evaluation matrix for prioritizing and designing structural reforms, and applies it to case studies.
Imf Supported Programs
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Author : Mr.Ashoka Mody
language : en
Publisher: International Monetary Fund
Release Date : 2006-04-03
Imf Supported Programs written by Mr.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.
Structural Conditionality In Imf Supported Programs
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Author : INTERNATIONAL MONETARY FUND.
language : en
Publisher:
Release Date : 2018
Structural Conditionality In Imf Supported Programs written by INTERNATIONAL MONETARY FUND. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Imf Supported Programs And Crisis Prevention An Analytical Framework
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Author : Jun Il Kim
language : en
Publisher: International Monetary Fund
Release Date : 2006-06
Imf Supported Programs And Crisis Prevention An Analytical Framework written by Jun Il Kim 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 2006-06 with Business & Economics categories.
This paper presents an analytical framework for considering the role of IMF-supported programs in preventing crises, particularly capital account crises. The model builds upon the global games framework to establish a unique relationship between the crisis probability and the parameters of the program, which is assumed to be negotiated between the IMF and the member country, taking explicit account of each party's interests. In the model, from the perspective of the borrowing country, IMF financing and policy adjustment are (perfect) substitutes inasmuch as they both contribute to the country's liquidity and thus reduce the likelihood of a crisis. In equilibrium, however, IMF financing promotes stronger policies, implying that financing and adjustment are strong complements in crisis prevention. Conditionality plays a crucial role in sustaining the program, providing mutual assurances-to the member country that, if it undertakes the agreed policies, financing will indeed be forthcoming, and to the IMF that the country will implement the agreed policies as the IMF disburses its resources. The model helps explain how liquidity crises may come about, how IMF support can reduce the likelihood of a crisis by providing liquidity and sustaining stronger policies, and why the observed mix between financing and adjustment may vary across programs.
Imf Conditionality
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Author : John Williamson
language : en
Publisher: MIT Press (MA)
Release Date : 1983
Imf Conditionality written by John Williamson and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
The twenty-one contributions in this book assess the controversy surrounding the Fund and provide judgments about the criteria for Fund lending which should help readers understand and analyze both its ongoing role in smoothing adjustment to international payments imbalances and its currently critical position in responding to the debt crisis.