The Incidence and Effectiveness of Prior Actions in IMF-supported Programs / / Uma Ramakrishnan, Alun Thomas

• Autore: Ramakrishnan Uma
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (26 p.)
• Soggetto topico: International finance; Budgeting; Foreign Exchange; Inflation; Macroeconomics; Public Finance; Fiscal Policy; Price Level; Deflation; National Budget; Budget Systems; National Government Expenditures and Related Policies: General; Currency; Foreign exchange; Budgeting & financial management; Public finance & taxation; Fiscal stance; Real exchange rates; Budget planning and preparation; Public expenditure review; Fiscal policy; Prices; Budget; Expenditures, Public
• Soggetto geografico: United States
• Altri autori: ThomasAlun
• Note generali: "September 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""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""
• Sommario/riassunto: 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.
• Titolo autorizzato: The Incidence and Effectiveness of Prior Actions in IMF-supported Programs
• ISBN: 1-4623-5383-5; 1-4527-0372-8; 1-283-51583-0; 1-4519-0926-8; 9786613828286
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788406903321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/213