Is Policy Ownership an Operational Concept?

31 Pages Posted: 15 Feb 2006

See all articles by James M. Boughton

James M. Boughton

International Monetary Fund (IMF) - Policy Development and Review Department; National Bureau of Economic Research (NBER)

Alexandros Mourmouras

International Monetary Fund (IMF) - Policy Development and Review Department

Date Written: April 2002

Abstract

IMF lending is generally conditional on specified policies and outcomes. These conditions usually are negotiated compromises between policies initially favored by the Fund and by the country`s authorities. In some cases the authorities might be satisfied enough with the outcome to take responsibility for it ("own" it) even though it was not their original preference. In other cases, they might accept the outcome only to obtain financing, in which case weak commitment might lead to poor implementation. This paper reviews the theoretical basis for the importance of ownership, summarizes what is known about its empirical effects, and suggests a strategy for strengthening it.

Keywords: ownership IMF conditionality common agency models

JEL Classification: E61 F33 F34

Suggested Citation

Boughton, James and Mourmouras, Alexandros, Is Policy Ownership an Operational Concept? (April 2002). IMF Working Paper No. 02/72, Available at SSRN: https://ssrn.com/abstract=879578

James Boughton (Contact Author)

International Monetary Fund (IMF) - Policy Development and Review Department ( email )

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Washington, DC 20431
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National Bureau of Economic Research (NBER)

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Alexandros Mourmouras

International Monetary Fund (IMF) - Policy Development and Review Department ( email )

700 19th St. NW
Room 5-311
Washington, DC 20431
United States
202-623-5402 (Phone)
202-589-5402 (Fax)

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