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Record Nr. |
UNINA9910968754103321 |
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Autore |
Ramakrishnan Uma |
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Titolo |
The Incidence and Effectiveness of Prior Actions in IMF-supported Programs / / Uma Ramakrishnan, Alun Thomas |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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9786613828286 |
9781462353835 |
1462353835 |
9781452703725 |
1452703728 |
9781283515832 |
1283515830 |
9781451909265 |
1451909268 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (26 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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International finance |
Budget planning and preparation |
Budget Systems |
Budget |
Budgeting & financial management |
Budgeting |
Currency |
Deflation |
Expenditures, Public |
Fiscal Policy |
Fiscal policy |
Fiscal stance |
Foreign Exchange |
Foreign exchange |
Inflation |
Macroeconomics |
National Budget |
National Government Expenditures and Related Policies: General |
Price Level |
Prices |
Public expenditure review |
Public finance & taxation |
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Public Finance |
Real exchange rates |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE LITERATURE""; ""III. STYLIZED FACTS OF IMF-SUPPORTED PROGRAMS""; ""IV. DETERMINANTS OF PRIOR ACTIONS""; ""V. PRIOR ACTIONS AND PROGRAM SUCCESS""; ""VI. CONCLUSIONS""; ""References""; ""Appendix"" |
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Sommario/riassunto |
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Prior actions are measures that need to be implemented prior to Board approval of an IMFsupported program. This paper examines whether such prior actions can signal a willingness to implement reforms, especially when the member's track record is weak. We find some support for this signaling role, particularly for programs supported by the General Resources Account (GRA). Controlling for the member's previous track record, prior actions are associated with greater compliance with other structural conditions, suggesting their possible use as a screening device. Moreover, prior actions set at program approval serve as a useful screening device and strengthen the macroeconomic targets set out in the IMF-supported program. The results also reveal a demonstrable screening effect on growth over the medium term, since the growth impact of the ratio of prior actions at the outset versus the rest of the program is significantly positive while the total number of prior actions is not statistically significant. |
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