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International Monetary Fund. Independent Evaluation Office

Abstract

La Oficina de Evaluación Independiente (OEI) fue creada por el Directorio Ejecutivo del FMI en 2001. Proporciona evaluaciones objetivas e independientes sobre asuntos relacionados con el FMI. La OEI opera con independencia de la Gerencia y sin interferencias del Directorio Ejecutivo del FMI. Véase más información sobre las actividades de la OEl en su sitio web: www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

Le Bureau indépendant d’évaluation (BIE) a été créé en 2001 par le conseil d'administration du FMI. Il évalue de manière objective et indépendante des questions liées au FMI. Le BIE fonctionne en toute indépendance de la direction et du Conseil d’administration du FMI. Pour en savoir plus sur les activités du BIE, visitez son site web : www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

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.

Mr. David Coady, Mr. Taimur Baig, Mr. Joseph Ntamatungiro, and Mr. Amine Mati
The paper reviews recent developments in the pass-through of international to domestic petroleum product prices, in the different fuel pricing regimes, and in fuel subsidies in a range of emerging market and developing economies. The main finding of the paper is the limited price pass-through in many countries and the consequent increase in fuel subsidies. The paper proposes that key elements of a successful strategy to contain subsidies should comprise: making subsidies explicit; making pricing mechanisms more robust; combining reductions in subsidies with measures to protect the poorest; using the resulting savings well, and transparency and consultation.
International Monetary Fund. Independent Evaluation Office

Abstract

The Financial Sector Assessment Program (FSAP) is a joint IMF–World Bank initiative to provide countries with comprehensive evaluations of their financial systems.The IEO evaluation assessed the effectiveness of the FSAP from the perspective of the IMF. The main findings address the following areas: the nature of priority setting under the FSAP; the efficiency of FSAP processes and quality of the main diagnostic tools; the overall quality of FSAP content; how well the IMF has used FSAP results in its surveillance, technical assistance, and program activities; and evidence on the overall impact of the FSAP on the domestic policy dialogue, changes in policies and institutions, and market participants.

International Monetary Fund
This evaluation assesses the effectiveness of the Financial Sector Assessment Program (FSAP) from the perspective of the IMF. A parallel evaluation by the World Bank’s OED assesses the World Bank’s role. The FSAP was established in 1999 to provide advice to strengthen the financial systems of member countries by facilitating early detection of financial sector vulnerabilities and helping to identify financial sector development needs
Norman Loayza and Mr. Romain Ranciere
This paper studies the apparent contradictions between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities. On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns. This paper accounts for these contrasting effects based on the distinction between the short- and long-run effects of financial intermediation.
International Monetary Fund
This Selected Issues paper reviews key trends in Haiti’s fiscal performance over the past decade and discusses various options for strengthening the fiscal system. It suggests that a key challenge will be to generate adequate resources to support development, which requires an increase in outlays on social programs, security, and infrastructure investment to at least the levels observed in other low-income countries. The paper reviews revenue trends and key features of the tax system. It also illustrates that Haiti’s public sector employment is far smaller than in other countries.
International Monetary Fund

Abstract

This paper presents a study that focuses on specific adjustment programs for limited periods and is aimed largely at analyzing the short-run implications of the policy measures. The longer run implications are also discussed whenever relevant, since much of the rationale for policies and many of the beneficial effects on the poor are likely to be realized over time. The study also notes any compensatory targeting measures oriented to the poor, together with their implications for the adjustment efforts and the political viability of the programs. These analyses may provide lessons for improving the design of future adjustment programs. The chapter also summarizes the sample countries and programs; and describes the methodology used in the study. The results of the study suggest that adjustment programs in general have important distributional implications. During the process of adjustment, it is inevitable that some social groups gain while others lose, particularly when adjustment is aimed at a shift in sectoral resource allocation.

International Monetary Fund

Abstract

The role of exchange rate policy in economic adjustment has been widely studied and is the subject of numerous theoretical and empirical papers produced in the Fund and elsewhere.