Front Matter

Front Matter Page

Strategy, Policy, and Review Department

Contents

  • Abbreviations and Acronyms

  • I. Overview

  • II. Overview of the Empirical Literature and Contribution of the Current Study

  • III. Impact of Longer-Term IMF Engagement in LICs

  • IV. Impact of Short-Term IMF Engagement in LICs

  • V. Conclusions

  • Tables

  • 1. Summary of Literature on the Impact of IMF Programs, 2000–12

  • 2. Impact of Longer-Term IMF Engagement on Economic Performance

  • 3. Determinants of Long-Term Real Per Capita GDP Growth

  • 4. Results: Impact of Short-Term IMF Engagement by Propensity Score Matching

  • 5. Determinants of Longer-Term IMF Engagement

  • 6. Demand for IMF Financing in Response to Policy and/or External Shocks

  • 7. Impact of Longer-Term IMF Engagement on Economic Performance Using Pre-2000s and Post-2000s Periods

  • 8. Impact of Longer-Term IMF Engagement on Economic Performance Using Non-Overlapping Periods

  • 9. Impact of Longer-Term IMF Engagement on Economic Performance With No Adjustment for Program Implementation

  • 10. Impact of Short-Term IMF Engagement With No Adjustment for Implementation

  • 11. Impact of Short-Term IMF Engagement, 1980–99

  • 12. Impact of Short-Term IMF Engagement, Matching on Propensity Score and ODA Disbursements

  • 13. Impact of Short-Term IMF Engagement, Matching on Propensity Score and Lagged GDP Growth

  • 14. Short-Term IMF Engagement: Rosenbaum Sensitivity Analysis to Hidden Selection Bias

  • Figures

  • 1. Years Spent by LICs Under IMF-Supported Programs, 1986–2011

  • 2. Changes in Average Decadal GDP Per Capita Growth and Poverty Gaps, 1986–2010

  • 3. Macroeconomic Conditions in LICs Across Decades

  • 4. Macroeconomic Conditions in LICs Across Decades and County Groupings

  • 5. Changes in Macroeconomic Performance of LICs

  • 6. The Impact of Short-Term IMF Engagement on Macroeconomic Outcomes

  • 7. The Impact of Short-Term IMF Engagement on Changes in Macroeconomic Outcomes

  • Annexes

  • I. Propensity Score Matching (PSM) Methodology

  • II. Panel Regression on the Determinants of Long-Term Growth

  • References

Abbreviations and Acronyms

CFFs

Compensatory Financing Facilities

CPIA

Country Policy and Institutional Assessment

ECF

Extended Credit Facility

EFFs

Extended Fund Facilities

ENDA

Emergency Natural Disaster Assistance

EPCA

Emergency Post-Conflict Assistance

ESAF

Enhanced Structural Adjustment Facility

ESF

Exogenous Shocks Facility

FDI

Foreign Direct Investment

GEE

General Evaluation Estimator

GMM

Generalized Method of Moments

HAC

High Access Component

HIPC

Heavily Indebted Poor Countries

IEO

Independent Evaluation Office

LICs

Low-Income Countries

MDRI

Multilateral Debt Relief Initiative

MICs

Middle-Income Countries

ODA

Official Development Assistance

PITF

Political Instability Task Force

PRGF

Poverty Reduction and Growth Facility

PSI

Policy Support Instrument

PSM

Propensity Score Matching

RCFs

Rapid Credit Facilities

SAF

Structural Adjustment Facility

SBAs

Stand-By Arrangements

SCF

Standby Credit Facility

SMP

Staff-Monitored Program

IMF-Supported Programs in Low Income Countries: Economic Impact over the Short and Longer Term
Author: Mr. Christian Mumssen, Yasemin Bal Gunduz, Mr. Christian H Ebeke, and Ms. Linda Kaltani