Front Matter

Front Matter

Author(s):
Alessandro Rebucci, and Ashoka Mody
Published Date:
April 2006
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    © 2006 International Monetary Fund

    Production: IMF Multimedia Services Division

    Interior Design: Alicia Etchebarne-Bourdin

    Cover Design: Martine Rossignol-Winner

    Cataloging-in-Publication Data

    [IMF-supported programs: recent staff research/edited by Ashoka Mody and Alessandro Rebucci]—Washington, D.C.: International Monetary Fund, 2006]

    p. cm.

    Includes bibliographical references

    ISBN 9781589063617

    1. International Monetary Fund—Research. I. Mody, Ashoka. II. Rebucci, Alessandro. III. International Monetary Fund.

    HG3881.5.I58I5 2006

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    Contents

    Foreword

    A long tradition of research has sought to evaluate the effectiveness of IMF-supported programs. The IMF itself has devoted much institutional energy to assessing its performance, both to learn from the past and to deal with new challenges. In doing so, the staff of the IMF has contributed significantly to analyzing the IMF’s ability to achieve its stated goals of fostering external viability and growth. IMF staff members have had the advantage of access to program details often not as easily available to external researchers. Staff contributions have also included methodological advances. Importantly, in conducting this research, we have not shied away from unpleasant conclusions.

    This volume includes recent research that moves decisively beyond the typical characterization of programs. Though researchers have sometimes made the basic distinctions between the different types of IMF program—Stand-By Arrangements, and arrangements under the Extended Fund Facility and the Poverty Reduction and Growth Facility (as well as their predecessor facilities)—the nuances of programs are more extensive. In particular, the circumstances under which the program is designed, the limitations in program implementation, and the specific national and international economic conditions when the program is in effect all influence the ultimate outcome. The key achievement of the research reported here is to deal with this complexity while also providing simple insights. Of course, all research is work in progress, and these insights need to be verified by further work, but they do offer useful working hypotheses for our operations.

    Looking ahead, I see two obvious areas for further work. First, as the essays in this volume demonstrate, the IMF’s advice and financing are conditioned by a variety of political economy considerations. International political economy has a bearing on program selection, conditionality, and implementation. Similarly, domestic political economy shapes attitudes toward the IMF and, hence, the ability of the authorities to enter into constructive IMF-supported programs. A richer political economy analysis could make for more effective engagement.

    Second, the IMF’s governance structure also has implications for program design and implementation, and, hence, for the IMF’s economic effectiveness. Though, once again, the task is a difficult one, careful analysis could provide useful input to the ongoing debates.

    Raghuram G. Rajan

    Economic Counsellor and Director, Research Department

    International Monetary Fund

    Contributors1

    George AnayiotosSenior Economist, Finance Department
    Ruben AtoyanEconomist, Western Hemisphere Department
    Emanuele BaldacciLead Researcher, Italian Statistical Office (ISTAT)
    Reza BaqirResident Representative, Philippines
    Roberto BenelliEconomist, Western Hemisphere Department
    Michael BordoProfessor of Economics, Rutgers University
    James M. BoughtonIMF Historian
    Aleš BulířSenior Economist, Policy Development and Review Department
    Chuling ChenAnalyst, Modeling and Research Department, (U.S.) Federal Home Loan Mortgage Corporation
    Benedict ClementsAdvisor, Western Hemisphere Department
    Patrick ConwayProfessor of Economics, University of North Carolin at Chapel Hill
    Carlo CottarelliDeputy Director, Policy Development and Review Department
    Atish GhoshDivision Chief, Policy Development and Review Department
    Curzio Giannini2Deputy Head, International Relations Department, Banca d’Italia
    Sanjeev GuptaAssistant Director, African Department
    Anna IvanovaEconomist, Fiscal Affairs Department
    Olivier JeanneDeputy Division Chief, Research Department
    Mohsin S. KhanDirector, Middle East and Central Asia Department
    Timothy LaneAssistant Director, Western Hemisphere Department
    Wolfgang MayerProfessor of Economics, University of Cincinnati
    Ashoka ModyAssistant Director, European Department
    Soojin MoonCandidate Member, American Institute of Certified Public Accountants (AICPA)
    Alex MourmourasDeputy Division Chief, IMF Institute
    Carlos Mulas-GranadosVice-Chairman, Prime Minister’s Economic Bureau (Madrid)
    Saleh M. NsouliDirector, IMF Offices in Europe
    Nienke OomesEconomist, European Department
    Rodney RamcharanEconomist, Research Department
    Alessandro RebucciEconomist, Research Department
    Ratna SahayAssistant Director, Western Hemisphere Department
    Marcelo SelowskyAssistant Director, Independent Evaluation Office
    Sunil SharmaDirector, IMF-Singapore Regional Training Institute
    Alun ThomasSenior Economist, Policy Development and Review Department
    Tsidi TsikataDeputy Division Chief, African Department
    Juan ZalduendoSenior Economist, Policy Development and Review Department
    Jeromin ZettelmeyerAssistant to the Director, Western Hemisphere Department

    All contributors are staff members of the International Monetary Fund unless otherwise indicated.

    Deceased.

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