04635oam 22011054 450 991078840690332120230828235831.01-4623-5383-51-4527-0372-81-283-51583-01-4519-0926-89786613828286(CKB)3360000000443756(EBL)3014544(SSID)ssj0000939898(PQKBManifestationID)11571931(PQKBTitleCode)TC0000939898(PQKBWorkID)10946336(PQKB)11054681(OCoLC)694141250(MiAaPQ)EBC3014544(IMF)WPIEE2006213(EXLCZ)99336000000044375620020129d2006 uf 0engur|n|---|||||txtccrThe Incidence and Effectiveness of Prior Actions in IMF-supported Programs /Uma Ramakrishnan, Alun ThomasWashington, D.C. :International Monetary Fund,2006.1 online resource (26 p.)IMF Working Papers"September 2006."1-4518-6473-6 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/213International financeBudgetingimfForeign ExchangeimfInflationimfMacroeconomicsimfPublic FinanceimfFiscal PolicyimfPrice LevelimfDeflationimfNational BudgetimfBudget SystemsimfNational Government Expenditures and Related Policies: GeneralimfCurrencyimfForeign exchangeimfBudgeting & financial managementimfPublic finance & taxationimfFiscal stanceimfReal exchange ratesimfBudget planning and preparationimfPublic expenditure reviewimfFiscal policyimfPricesimfBudgetimfExpenditures, PublicimfUnited StatesimfInternational finance.BudgetingForeign ExchangeInflationMacroeconomicsPublic FinanceFiscal PolicyPrice LevelDeflationNational BudgetBudget SystemsNational Government Expenditures and Related Policies: GeneralCurrencyForeign exchangeBudgeting & financial managementPublic finance & taxationFiscal stanceReal exchange ratesBudget planning and preparationPublic expenditure reviewFiscal policyPricesBudgetExpenditures, PublicRamakrishnan Uma1464147Thomas Alun1098448DcWaIMFBOOK9910788406903321The Incidence and Effectiveness of Prior Actions in IMF-supported Programs3850040UNINA