The Macroeconomic Effects of Esaf-Supported Programs: Revisiting Some Methodological Issues

42 Pages Posted: 15 Feb 2006

See all articles by Louis Dicks-Mireaux

Louis Dicks-Mireaux

National Bureau of Economic Research (NBER)

Mauro Mecagni

International Monetary Fund (IMF)

Susan Schadler

International Monetary Fund (IMF)

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

Dicks-Mireaux, Louis and Mecagni, Mauro and Schadler, Susan, The Macroeconomic Effects of Esaf-Supported Programs: Revisiting Some Methodological Issues (September 1995). IMF Working Paper No. 95/92, Available at SSRN: https://ssrn.com/abstract=883239

Louis Dicks-Mireaux (Contact Author)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Mauro Mecagni

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Susan Schadler

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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