04854oam 22012014 450 991096875410332120250426110436.0978661382828697814623538351462353835978145270372514527037289781283515832128351583097814519092651451909268(CKB)3360000000443756(EBL)3014544(SSID)ssj0000939898(PQKBManifestationID)11571931(PQKBTitleCode)TC0000939898(PQKBWorkID)10946336(PQKB)11054681(OCoLC)694141250(IMF)WPIEE2006213(MiAaPQ)EBC3014544(IMF)WPIEA2006213WPIEA2006213(EXLCZ)99336000000044375620020129d2006 uf 0engur|n|---|||||txtccrThe Incidence and Effectiveness of Prior Actions in IMF-supported Programs /Uma Ramakrishnan, Alun Thomas1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (26 p.)IMF Working Papers"September 2006."9781451864731 1451864736 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 financeBudget planning and preparationimfBudget SystemsimfBudgetimfBudgeting & financial managementimfBudgetingimfCurrencyimfDeflationimfExpenditures, PublicimfFiscal PolicyimfFiscal policyimfFiscal stanceimfForeign ExchangeimfForeign exchangeimfInflationimfMacroeconomicsimfNational BudgetimfNational Government Expenditures and Related Policies: GeneralimfPrice LevelimfPricesimfPublic expenditure reviewimfPublic finance & taxationimfPublic FinanceimfReal exchange ratesimfUnited StatesimfInternational finance.Budget planning and preparationBudget SystemsBudgetBudgeting & financial managementBudgetingCurrencyDeflationExpenditures, PublicFiscal PolicyFiscal policyFiscal stanceForeign ExchangeForeign exchangeInflationMacroeconomicsNational BudgetNational Government Expenditures and Related Policies: GeneralPrice LevelPricesPublic expenditure reviewPublic finance & taxationPublic FinanceReal exchange ratesRamakrishnan Uma1816453Thomas Alun1098448DcWaIMFBOOK9910968754103321The Incidence and Effectiveness of Prior Actions in IMF-supported Programs4372541UNINA