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IMF-Supported Programs in Low Income Countries: Economic Impact Over the Short and Longer Term

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by Christian Mumssen & Yasemin Bal-Gunduz
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IMF-Supported Programs in Low Income Countries: Economic Impact Over the Short and Longer Term by Christian Mumssen & Yasemin Bal-Gunduz

This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term financing using a propensity score matching approach to control for selection bias. Our results indicate that longer-term IMF support (at least five years of program engagement per decade) helped LICs sustain economic growth and boost resilience by building fiscal buffers. Interestingly, the size of IMF financing has no significant impact on economic growth, possibly pointing to the prominent role of IMF policy advice and institutional capacity building in the context of longer-term engagement. We also present evidence that the short-term IMF engagement through augmentations of existing programs or short-term and emergency facilities is positively associated with a wide range of macroeconomic outcomes. Notably, the IMF financial support has the greatest impact on short-term growth when LICs are faced with substantial macroeconomic imbalances or exogenous shocks.

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Ebook Details
Pages: 64
Size: 4.5 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2013
ISBN: 9781484359433 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Finance
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

These authors have products in the following categories:

Nonfiction > Business & Economics > International
Nonfiction > Business & Economics
Nonfiction > Business & Economics > Finance
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics > Economics

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05/25/2017
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