What Determines the Implementation of IMF-Supported Programs?

By Alex Mourmouras, Anna Ivanova, George C. Anayiotos, Wolfgang Mayer

January 1, 2003

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Alex Mourmouras, Anna Ivanova, George C. Anayiotos, and Wolfgang Mayer. What Determines the Implementation of IMF-Supported Programs?, (USA: International Monetary Fund, 2003) accessed September 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper assesses the implementation of IMF-supported programs using measures of program interruptions, compliance with conditionality, and the share of committed funds disbursed. The econometric model allows an evaluation of the importance for program implementation of political conditions in borrowing countries, IMF effort, conditionality, as well as initial and external conditions. The paper concludes that program implementation depends primarily on borrowing countries' domestic political economy. Strong special interests, political instability, inefficient bureaucracies, lack of political cohesion, and ethno-linguistic divisions weaken program implementation. IMF effort, the extent and structure of conditionality, and initial and external conditions do not materially influence program prospects.

Subject: Econometric analysis, Econometric models, Expenditure, Financial institutions, Inflation, Loans, Political economy, Prices, Public expenditure review

Keywords: C. robustness check, Caribbean, Conditionality, East Asia, Econometric models, Fund program, IMF effort, IMF-supported program, IMF-supported programs, Inflation, Loans, Model specification, Ownership, Program implementation, Program success, Program year, Public expenditure review, SBA program review, Sub-Saharan Africa, WP

Publication Details

Pages:

47
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2003/008
Stock No:

WPIEA0082003
ISBN:

9781451842531
ISSN:

1018-5941

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