Verfügbarkeit: Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method /

Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method /:

We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, "PSIs"). This enables us to focus on the effects of IMF mo...

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Hauptverfasser:	Newiak, Monique (VerfasserIn), Willems, Tim (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	[Washington, D.C.] : International Monetary Fund, [2017]
Schriftenreihe:	IMF working paper ; WP/17/109.
Schlagworte:	Inflation (Finance) Inflation, Economic Inflation. BUSINESS & ECONOMICS > Finance.
Online-Zugang:	Volltext
Zusammenfassung:	We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, "PSIs"). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck - thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.
Beschreibung:	1 online resource (44 pages)
ISBN:	9781475599299 1475599293 147559903X 9781475599039
ISSN:	1018-5941 ;

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MARC


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520	3		\|a We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, "PSIs"). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck - thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.
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contents	Cover; Contents; 1 Introduction; 2 Related Literature; 3 PSI Countries and the IMF; 4 Core Content of PSI-programs; 5 The Synthetic Conrol Method; 6 Data and Regression Specifications; 7 Results; 7.1 Output; 7.2 Price Level; 7.3 Capital Stock; 8 Discussion; 9 Conclusion; 10 Appendix A: Background Information; 11 Appendix B: Effectiveness of IMF Programs over Time; 12 References; 13 Figures.
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spelling	Newiak, Monique, author. Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method / by Monique Newiak and Tim Willems. [Washington, D.C.] : International Monetary Fund, [2017] 1 online resource (44 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier data file rda IMF Working Papers, 1018-5941 ; WP/17/109 Print version record. Cover; Contents; 1 Introduction; 2 Related Literature; 3 PSI Countries and the IMF; 4 Core Content of PSI-programs; 5 The Synthetic Conrol Method; 6 Data and Regression Specifications; 7 Results; 7.1 Output; 7.2 Price Level; 7.3 Capital Stock; 8 Discussion; 9 Conclusion; 10 Appendix A: Background Information; 11 Appendix B: Effectiveness of IMF Programs over Time; 12 References; 13 Figures. We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, "PSIs"). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck - thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment. Inflation (Finance) http://id.loc.gov/authorities/subjects/sh85066112 Inflation, Economic https://id.nlm.nih.gov/mesh/D007250 Inflation. BUSINESS & ECONOMICS Finance. bisacsh Inflation (Finance) fast Willems, Tim, author. has work: Evaluating the impact of non-financial IMF programs Using the synthetic control method (Text) https://id.oclc.org/worldcat/entity/E39PCGMc8QgqRBhpkF9qyJ3wBX https://id.oclc.org/worldcat/ontology/hasWork Print version: Newiak, Monique. Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method. Washington, D.C. : International Monetary Fund, ©2017 9781475599039 IMF working paper ; WP/17/109. FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1519183 Volltext
spellingShingle	Newiak, Monique Willems, Tim Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method / IMF working paper ; Cover; Contents; 1 Introduction; 2 Related Literature; 3 PSI Countries and the IMF; 4 Core Content of PSI-programs; 5 The Synthetic Conrol Method; 6 Data and Regression Specifications; 7 Results; 7.1 Output; 7.2 Price Level; 7.3 Capital Stock; 8 Discussion; 9 Conclusion; 10 Appendix A: Background Information; 11 Appendix B: Effectiveness of IMF Programs over Time; 12 References; 13 Figures. Inflation (Finance) http://id.loc.gov/authorities/subjects/sh85066112 Inflation, Economic https://id.nlm.nih.gov/mesh/D007250 Inflation. BUSINESS & ECONOMICS Finance. bisacsh Inflation (Finance) fast
subject_GND	http://id.loc.gov/authorities/subjects/sh85066112 https://id.nlm.nih.gov/mesh/D007250
title	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method /
title_auth	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method /
title_exact_search	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method /
title_full	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method / by Monique Newiak and Tim Willems.
title_fullStr	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method / by Monique Newiak and Tim Willems.
title_full_unstemmed	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method / by Monique Newiak and Tim Willems.
title_short	Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method /
title_sort	evaluating the impact of non financial imf programs using the synthetic control method
topic	Inflation (Finance) http://id.loc.gov/authorities/subjects/sh85066112 Inflation, Economic https://id.nlm.nih.gov/mesh/D007250 Inflation. BUSINESS & ECONOMICS Finance. bisacsh Inflation (Finance) fast
topic_facet	Inflation (Finance) Inflation, Economic Inflation. BUSINESS & ECONOMICS Finance.
url	https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1519183
work_keys_str_mv	AT newiakmonique evaluatingtheimpactofnonfinancialimfprogramsusingthesyntheticcontrolmethod AT willemstim evaluatingtheimpactofnonfinancialimfprogramsusingthesyntheticcontrolmethod

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