Download This PaperThe Macroeconomic Effects of Esaf-Supported Programs: Revisiting Some Methodological Issues
42 Pages Posted: 15 Feb 2006
Date Written: September 1995
Abstract
This paper examines whether ESAF-supported programs during 1986-91 had significant independent effects on growth, inflation and the external debt service ratio. Econometric estimates of the Generalized Evaluation Estimator (GEE) identify statistically significant beneficial effects on output growth and the debt service ratio but no effects on inflation. The robustness of these estimates is also examined. Diagnostic tests cast doubt on the applicability of the GEE framework to the ESAF-eligible countries, and the results obtained using it.
JEL Classification: E65, F33
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
IMF Programs: Who is Chosen and What are the Effects?
By Robert J. Barro and Jong-wha Lee
-
Economic Determinants of Fund Financial Arrangements
By Malcolm Knight and Julio A. Santaella
-
Does IMF Financing Result in Moral Hazard?
By Timothy Lane and Steven Phillips
-
Does the IMF Cause Moral Hazard and Political Business Cycles? Evidence from Panel Data
By Axel Dreher and Roland Vaubel
-
The Macroeconomic Effects of Fund-Supported Adjustment Programs: An Empirical Assessment
-
Conditionality and Ownership in IMF Lending: A Political Economy Approach
By Allan Drazen
-
Debt Relief for Low-Income Countries and the Hipc Initiative
By Anthony Boote and Kamau Thugge