Abstract

This paper is Part I of a two-volume study conducted as a part of the IMF's ongoing process of evaluating its lending facilities. It focuses on IMF-supported programs and macroeconomic performance during 1988-92, reflecting information available through the end of 1993. Part I provides an overview of the experiences during the arrangements reviewed: it describes the initial conditions faced in these countries, the adjustment strategies adopted, the degree to which programs were implemented, and the extent of sustained adjustment experienced.

Bibliography

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    • Search Google Scholar
    • Export Citation
  • Bennett, AdamBehavior of Nominal and Real Interest Rales,” in IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Bennett, Adam Maria Carkovic, and Louis Dicks-Mireaux, “Record of Fiscal Adjustment,” in IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Bennett, Adam, and Susan Schadler, Interest Rate Policy in Central and Eastern Europe: The Influence of Monetary Overhangs and Weak Enterprise Discipline,” IMF Working Paper No. WP/92/68 (Washington: International Monetary Fund, August 1992).

    • Search Google Scholar
    • Export Citation
  • Borensztein, Eduardo, The Strategy of Reform in the Previously Centrally Planned Economies of Eastern Europe: Lessons and Challenges,”IMF Paper on Policy Analysis and Assessment, PPAA/93/6 (Washington: International Monetary Fund, March 1993).

    • Search Google Scholar
    • Export Citation
  • Bruno, Michael, Stabilization and Reform in Eastern Europe: A Preliminary Evaluation,” Staff Papers, International Monetary Fund, Vol.39 (December 1992), pp.741 –77.

    • Search Google Scholar
    • Export Citation
  • Bruno, Michael, Lessons of Economic Stabilization and Its Aftermath(Cambridge, Massachusetts: MIT Press, 1991).

  • Calvo, Guillermo A., and Manmohan S. Kumar, Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies”, IMF Working Paper No. WP/94/3 (Washington: International Monetary Fund, January 1994).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo A., Carmen M. Reinharl, and Carlos A. Végh, Targeting the Real Exchange Rate: Theory and Evidence”, IMF Working Paper No. WP/94/22 (Washington: International Monetary Fund, February 1994).

    • Search Google Scholar
    • Export Citation
  • Collyns, Charles Private Market Financing for Developing Countries (Washington: International Monetary Fund, December 1993).

  • Dicks-Mireaux, Louis, Mauro Mecagni, Susan Schadler, The Macroeconomic Effect of ESAF-Supported Programs: Revisiting Some Methodological Issues” (unpublished; Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Edwards, Sebastian, Openness, Outward Orientation, Trade Liberalization, and Economic Performance in Developing Countries, World Bank Working Paper Series, No. 191 (Washington: World Bank, 1989).

    • Search Google Scholar
    • Export Citation
  • Edwards, Sebastian, The International Monetary Fund and the Developing Countries: A Critical Evaluation, NBER Working Paper No. 2909 (Cambridge, Massachusetts: National Bureau of Economic Research, 1989).

    • Search Google Scholar
    • Export Citation
  • Fischer, Stanley, The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, Vol.32 (December 1993), pp.485 –512.

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris Montiei, Peter J.Evaluating Fund Stabilization Programs with Multicouniry Data: Some Methodological Pitfalls”, Staff Papers, International Monetary Fund, Vol.33 (June 1986), pp.304 –44.

    • Search Google Scholar
    • Export Citation
  • Horne, Jocelyn, Indicators of Fiscal Sustainability”, IMF Working Paper No. WP/91/5 (Washington: International Monetary Fund, January 1991).

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., The Macroeconomic Effects of Fund-Supported Adjustment Programs”, Staff Papers, International Monetary Fund, Vol.37 (June 1990), pp.195 –231.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., Malcolm D. KnightStabilization Pro-grams in Developing Countries: A Formal Frame-work,” Staff Papers, International Monetary Fund, Vol.28 (March 1981), pp.1 –53.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., Malcolm D. Knight Fund-Supported Adjustment Programs and Economic Growth, IMF Occasional Paper No. 41 (Washington: International Monetary Fund, 1985).

    • Search Google Scholar
    • Export Citation
  • Killick, Tony, Issues in the Design of IMF Programs”, Overseas Development Institute, Working Paper 71 (April 1993).

  • Kuhn, Michael G., and others, Official Financing for Developing Countries (Washington: International Monetary Fund, April 1994).

  • Lipschitz, Leslie, and Donogh McDonald,Real Exchange Rates and Competitiveness: A Clarification of Concepts, and Some Measurements for Europe,” IMF Working Paper No, WP/91/25 (Washington: International Monetary Fund, March 1991).

    • Search Google Scholar
    • Export Citation
  • Loser, Claudio, and Eliot Kalter, eds., Mexico: The Strategy to Achieve Sustained Economic Growth, IMF Occasional Paper No. 99 (Washington: International Monetary Fund, 1992).

    • Search Google Scholar
    • Export Citation
  • Mecagni, Mauro, “Experience with Nominal Anchors,” in IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Morsink, James H.J., “Wage Controls During IMF Arrangements in Central Europe,” in IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Mosley, Paul, Jane Harrtgan, and J.F.J. Toye, Aid and Power: The World Bank and Policy-Based Lending (London and New York: Routledge, 1991).

    • Search Google Scholar
    • Export Citation
  • Nsouli, Saleh M., and others, The Path to Convertibility and Growth: The Tunisian Experience, IMF Occasional Paper No. 109 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Parker, Karen, and Steffen Kastner, A Framework for Assessing Fiscal Sustainability and External Viability, with an Application to India, IMF Working Paper No. WP/93/78 (Washington; International Monetary Fund, October 1993).

    • Search Google Scholar
    • Export Citation
  • Polak, J.J., The Changing Nature of IMF Conditionality, Princeton Essays in International Finance, No.184 (Princeton, New Jersey: International Finance Section, Department of Economics, Princeton University, 1991).

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey, Conditionality, Debt Relief, and the Developing Country Debt Crisis, NBER Working Paper No. 2644 (Cambridge, Massachusetts: National Bureau of Economic Research, July 1988).

    • Search Google Scholar
    • Export Citation
  • Savastano, Miguel A.Private Saving in IMF Arrangements,” in IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No, 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Schadler, Susan, Franck Rozwadowski, Siddharth Tiwari, David O. Robinson, Economic Adjustment in Low-Income Countries; Experience Under the Enhanced Structural Adjustment Facility, IMF Occasional Paper No. 106 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Schadler, Susan, Maria Carkovic, Adam Bennett, and Robert Kahn, Recent Experiences with Surges in Capital Inflows, IMF Occasional Paper No. 108 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Schadler, Susan, ed., IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Serven, Luis, and Andres Solimano, eds., Striving for Growth After Adjustment: The Role of Capital Formation (Washington: World Bank, 1994).

    • Search Google Scholar
    • Export Citation
  • World Bank (1992a), Adjustment Lending and Mobilization of Private and Public Resources for Growth, Policy and Research Series Paper No. 22 (Washington: World Bank, 1992).

    • Search Google Scholar
    • Export Citation
  • World Bank,(1992b), Poverty Reduction Handbook (Washington: World Bank, 1992).

  • ——, World Development Report 1990, 1993 (New York: Oxford University Press for the World Bank, 1990, 1993).

  • ——, The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press for the World Bank, 1993).

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Experience Under Stand-by and Extended Arrangements, Part I: Key Issues and Findings
  • Adams, Charles, and Daniel Gros,The Consequences of Real Exchange Rate Rules for Inflation: Some Illustrative Examples,” Staff Papers, International Monetary Fund, Vol. 33 (September 1986), pp. 439 –76.

    • Search Google Scholar
    • Export Citation
  • Bennett, AdamBehavior of Nominal and Real Interest Rales,” in IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Bennett, Adam Maria Carkovic, and Louis Dicks-Mireaux, “Record of Fiscal Adjustment,” in IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Bennett, Adam, and Susan Schadler, Interest Rate Policy in Central and Eastern Europe: The Influence of Monetary Overhangs and Weak Enterprise Discipline,” IMF Working Paper No. WP/92/68 (Washington: International Monetary Fund, August 1992).

    • Search Google Scholar
    • Export Citation
  • Borensztein, Eduardo, The Strategy of Reform in the Previously Centrally Planned Economies of Eastern Europe: Lessons and Challenges,”IMF Paper on Policy Analysis and Assessment, PPAA/93/6 (Washington: International Monetary Fund, March 1993).

    • Search Google Scholar
    • Export Citation
  • Bruno, Michael, Stabilization and Reform in Eastern Europe: A Preliminary Evaluation,” Staff Papers, International Monetary Fund, Vol.39 (December 1992), pp.741 –77.

    • Search Google Scholar
    • Export Citation
  • Bruno, Michael, Lessons of Economic Stabilization and Its Aftermath(Cambridge, Massachusetts: MIT Press, 1991).

  • Calvo, Guillermo A., and Manmohan S. Kumar, Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies”, IMF Working Paper No. WP/94/3 (Washington: International Monetary Fund, January 1994).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo A., Carmen M. Reinharl, and Carlos A. Végh, Targeting the Real Exchange Rate: Theory and Evidence”, IMF Working Paper No. WP/94/22 (Washington: International Monetary Fund, February 1994).

    • Search Google Scholar
    • Export Citation
  • Collyns, Charles Private Market Financing for Developing Countries (Washington: International Monetary Fund, December 1993).

  • Dicks-Mireaux, Louis, Mauro Mecagni, Susan Schadler, The Macroeconomic Effect of ESAF-Supported Programs: Revisiting Some Methodological Issues” (unpublished; Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Edwards, Sebastian, Openness, Outward Orientation, Trade Liberalization, and Economic Performance in Developing Countries, World Bank Working Paper Series, No. 191 (Washington: World Bank, 1989).

    • Search Google Scholar
    • Export Citation
  • Edwards, Sebastian, The International Monetary Fund and the Developing Countries: A Critical Evaluation, NBER Working Paper No. 2909 (Cambridge, Massachusetts: National Bureau of Economic Research, 1989).

    • Search Google Scholar
    • Export Citation
  • Fischer, Stanley, The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, Vol.32 (December 1993), pp.485 –512.

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris Montiei, Peter J.Evaluating Fund Stabilization Programs with Multicouniry Data: Some Methodological Pitfalls”, Staff Papers, International Monetary Fund, Vol.33 (June 1986), pp.304 –44.

    • Search Google Scholar
    • Export Citation
  • Horne, Jocelyn, Indicators of Fiscal Sustainability”, IMF Working Paper No. WP/91/5 (Washington: International Monetary Fund, January 1991).

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., The Macroeconomic Effects of Fund-Supported Adjustment Programs”, Staff Papers, International Monetary Fund, Vol.37 (June 1990), pp.195 –231.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., Malcolm D. KnightStabilization Pro-grams in Developing Countries: A Formal Frame-work,” Staff Papers, International Monetary Fund, Vol.28 (March 1981), pp.1 –53.

    • Search Google Scholar
    • Export Citation
  • Khan, Mohsin S., Malcolm D. Knight Fund-Supported Adjustment Programs and Economic Growth, IMF Occasional Paper No. 41 (Washington: International Monetary Fund, 1985).

    • Search Google Scholar
    • Export Citation
  • Killick, Tony, Issues in the Design of IMF Programs”, Overseas Development Institute, Working Paper 71 (April 1993).

  • Kuhn, Michael G., and others, Official Financing for Developing Countries (Washington: International Monetary Fund, April 1994).

  • Lipschitz, Leslie, and Donogh McDonald,Real Exchange Rates and Competitiveness: A Clarification of Concepts, and Some Measurements for Europe,” IMF Working Paper No, WP/91/25 (Washington: International Monetary Fund, March 1991).

    • Search Google Scholar
    • Export Citation
  • Loser, Claudio, and Eliot Kalter, eds., Mexico: The Strategy to Achieve Sustained Economic Growth, IMF Occasional Paper No. 99 (Washington: International Monetary Fund, 1992).

    • Search Google Scholar
    • Export Citation
  • Mecagni, Mauro, “Experience with Nominal Anchors,” in IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Morsink, James H.J., “Wage Controls During IMF Arrangements in Central Europe,” in IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Mosley, Paul, Jane Harrtgan, and J.F.J. Toye, Aid and Power: The World Bank and Policy-Based Lending (London and New York: Routledge, 1991).

    • Search Google Scholar
    • Export Citation
  • Nsouli, Saleh M., and others, The Path to Convertibility and Growth: The Tunisian Experience, IMF Occasional Paper No. 109 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Parker, Karen, and Steffen Kastner, A Framework for Assessing Fiscal Sustainability and External Viability, with an Application to India, IMF Working Paper No. WP/93/78 (Washington; International Monetary Fund, October 1993).

    • Search Google Scholar
    • Export Citation
  • Polak, J.J., The Changing Nature of IMF Conditionality, Princeton Essays in International Finance, No.184 (Princeton, New Jersey: International Finance Section, Department of Economics, Princeton University, 1991).

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey, Conditionality, Debt Relief, and the Developing Country Debt Crisis, NBER Working Paper No. 2644 (Cambridge, Massachusetts: National Bureau of Economic Research, July 1988).

    • Search Google Scholar
    • Export Citation
  • Savastano, Miguel A.Private Saving in IMF Arrangements,” in IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No, 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Schadler, Susan, Franck Rozwadowski, Siddharth Tiwari, David O. Robinson, Economic Adjustment in Low-Income Countries; Experience Under the Enhanced Structural Adjustment Facility, IMF Occasional Paper No. 106 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Schadler, Susan, Maria Carkovic, Adam Bennett, and Robert Kahn, Recent Experiences with Surges in Capital Inflows, IMF Occasional Paper No. 108 (Washington: International Monetary Fund, 1993).

    • Search Google Scholar
    • Export Citation
  • Schadler, Susan, ed., IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II, Background Papers, IMF Occasional Paper No. 129 (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Serven, Luis, and Andres Solimano, eds., Striving for Growth After Adjustment: The Role of Capital Formation (Washington: World Bank, 1994).

    • Search Google Scholar
    • Export Citation
  • World Bank (1992a), Adjustment Lending and Mobilization of Private and Public Resources for Growth, Policy and Research Series Paper No. 22 (Washington: World Bank, 1992).

    • Search Google Scholar
    • Export Citation
  • World Bank,(1992b), Poverty Reduction Handbook (Washington: World Bank, 1992).

  • ——, World Development Report 1990, 1993 (New York: Oxford University Press for the World Bank, 1990, 1993).

  • ——, The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press for the World Bank, 1993).