Four Decades of Fund Arrangements: Macroeconomic Stylized Facts Before the Adjustment Programs

IMF Working Papers, July 1, 1995

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Four Decades of Fund Arrangements: Macroeconomic Stylized Facts Before the Adjustment Programs

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Bibliographic details

• Authors: Julio A. Santaella
• Published: July 1, 1995
• Series: IMF Working Papers

Study scope and data

• Evidence from 324 Fund arrangements in 78 developing countries during 1973-91.
• Paper length: 50 pages.
• Author: Julio A. Santaella.
• Publication date: July 1, 1995.
• Series: Working Paper No. 1995/074.
• ISBN: 9781451849530.
• ISSN: 1018-5941.
• Also published in Staff Papers, Vol. 43, No. 3, September 1996.

Key empirical findings

• Program episodes (countries entering Fund financial arrangements) differ importantly from a control group across multiple macroeconomic dimensions:
  • Weaker balance of payments.
  • Weaker output growth.
  • Lower investment.
  • Weaker external conditions.
  • Weaker fiscal policy.
  • Higher degree of external indebtedness.
  • Higher inflation.
  • Exchange rates more depreciated in both nominal and real terms.
• Exception:
  • Growth rates of money and credit: program episodes and the control group appear to be statistically similar.

Subjects and keywords covered

• Subjects: Central banks, Domestic credit, Exports, External debt, Foreign exchange, International reserves, International trade, Money, Real effective exchange rates.
• Keywords: adjustment program, Africa, Domestic credit, Eastern Europe, Exports, FCT UCT, International reserves, program episode, Real effective exchange rates, terms of trade, UCT ESAP, UCT Jap, UCT SAP, WP.

Publication identifiers

• Volume: 1995.
• Issue: 074.
• Stock No: WPIEA0741995.
• DOI: ---.

Julio A. Santaella, "Four Decades of Fund Arrangements: Macroeconomic Stylized Facts Before the Adjustment Programs", IMF Working Papers 1995, 074 (1995).