Do IMF Programs Improve Economic Governance?

Do IMF Programs Improve Economic Governance?

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This paper examines the effects of IMF financial assistance on economic governance in developing countries, based on panel data analyses of perceived governance indicators. It uses a two-stage approach to address possible endogeneity issues. The results show that successful implementation of IMF programs is associated with improvements in the quality of economic governance. Specifically, the paper finds statistically robust results that IMF concessional programs through the Poverty Reduction and Growth Facility tend to enhance the rule of law and strengthen control of corruption. Through this exercise, however, no statistically significant effect is observed for assistances under the General Resource Account.Jiro Honda. Appendix HI. Results of Panel Regression Model on Changes in Economic Governance (Voice and Accountability) (1) (2) (3) (4) (5) I (6) (7) (3) (9) FE, 2-Stage FE, 2-Stage FE FE, 2-Stage Tobit, RE, 2-Stage FE, 2-Stage FE, 2- Stage FE, 2-Stage FE, 2-Stage Coefficient ... 2. The estimated likelihood of receiving IMF resources with determinants significant at least at the 10 percent level. 3.

Title:Do IMF Programs Improve Economic Governance?
Author: Jiro Honda
Publisher:International Monetary Fund - 2008-05-01

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