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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… to indicate that data are not available;

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– between years or months (e.g., 1997–98 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (e.g., 1997/98) to indicate a fiscal (financial) year.

“n.a.” means not applicable.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The views expressed in this publication are those of the authors and do not necessarily represent the views of the International Monetary Fund. The term “country,” as used in this publication, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

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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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