Fortune or fortitude? Determinants of successful adjustment with IMF programs:
Full adjustment programs in the wake of crisis episodes exact a major toll on a country's economy, yet not all are blessed with success.We identify adjustment needs by a country's decision to approach the IMF for official assistance.We then investigate the factors conducive to successful e...
Gespeichert in:
| 1. Verfasser: | |
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| Weitere Verfasser: | , |
| Format: | Elektronisch Buchkapitel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2017
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| Schlagworte: | |
| Online-Zugang: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Zusammenfassung: | Full adjustment programs in the wake of crisis episodes exact a major toll on a country's economy, yet not all are blessed with success.We identify adjustment needs by a country's decision to approach the IMF for official assistance.We then investigate the factors conducive to successful exit from official assistance during more than 170 adjustment episodes by means of a panel regression framework. In contrast to the existing literature, we do not use absolute benchmarks. We define success as a resumption of real GDP growth and a reduction of government debt compared to the pre-program period. Our econometric results suggest stringent policy action do play a role for the probability of success. At the same time, we also find that successful exit also very much depends on supportive external conditions and, linked to that, the degree of openness of an economy. JEL classification: E61, F33, G01, H81 Keywords: Fiscal adjustment, financial crises, IMF lending |
| Beschreibung: | 1 Online-Ressource (33 Seiten) 21 x 28cm |
| DOI: | 10.1787/eco_studies-2016-5jg1g64g196g |
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| 520 | |a Full adjustment programs in the wake of crisis episodes exact a major toll on a country's economy, yet not all are blessed with success.We identify adjustment needs by a country's decision to approach the IMF for official assistance.We then investigate the factors conducive to successful exit from official assistance during more than 170 adjustment episodes by means of a panel regression framework. In contrast to the existing literature, we do not use absolute benchmarks. We define success as a resumption of real GDP growth and a reduction of government debt compared to the pre-program period. Our econometric results suggest stringent policy action do play a role for the probability of success. At the same time, we also find that successful exit also very much depends on supportive external conditions and, linked to that, the degree of openness of an economy. JEL classification: E61, F33, G01, H81 Keywords: Fiscal adjustment, financial crises, IMF lending | ||
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| spelling | Larch, Martin Verfasser aut Fortune or fortitude? Determinants of successful adjustment with IMF programs Martin Larch, Kristin Magnusson Bernard and Peter McQuade Paris OECD Publishing 2017 1 Online-Ressource (33 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier Full adjustment programs in the wake of crisis episodes exact a major toll on a country's economy, yet not all are blessed with success.We identify adjustment needs by a country's decision to approach the IMF for official assistance.We then investigate the factors conducive to successful exit from official assistance during more than 170 adjustment episodes by means of a panel regression framework. In contrast to the existing literature, we do not use absolute benchmarks. We define success as a resumption of real GDP growth and a reduction of government debt compared to the pre-program period. Our econometric results suggest stringent policy action do play a role for the probability of success. At the same time, we also find that successful exit also very much depends on supportive external conditions and, linked to that, the degree of openness of an economy. JEL classification: E61, F33, G01, H81 Keywords: Fiscal adjustment, financial crises, IMF lending Economics Magnusson Bernard, Kristin ctb McQuade, Peter ctb https://doi.org/10.1787/eco_studies-2016-5jg1g64g196g Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Larch, Martin Fortune or fortitude? Determinants of successful adjustment with IMF programs Economics |
| title | Fortune or fortitude? Determinants of successful adjustment with IMF programs |
| title_auth | Fortune or fortitude? Determinants of successful adjustment with IMF programs |
| title_exact_search | Fortune or fortitude? Determinants of successful adjustment with IMF programs |
| title_exact_search_txtP | Fortune or fortitude? Determinants of successful adjustment with IMF programs |
| title_full | Fortune or fortitude? Determinants of successful adjustment with IMF programs Martin Larch, Kristin Magnusson Bernard and Peter McQuade |
| title_fullStr | Fortune or fortitude? Determinants of successful adjustment with IMF programs Martin Larch, Kristin Magnusson Bernard and Peter McQuade |
| title_full_unstemmed | Fortune or fortitude? Determinants of successful adjustment with IMF programs Martin Larch, Kristin Magnusson Bernard and Peter McQuade |
| title_short | Fortune or fortitude? Determinants of successful adjustment with IMF programs |
| title_sort | fortune or fortitude determinants of successful adjustment with imf programs |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/eco_studies-2016-5jg1g64g196g |
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