Impact of IMF Assistance on Economic Growth Revisited

• Autorzy: Jan Fidrmuc , Stefani Kostagianni
• Języki publikacji: EN

Abstrakty

EN

We investigate the effect of IMF assistance on economic growth in a broad panel of countries. We argue that countries are likely self-select into seeking IMF involvement based on their economic performance. We control for such endogeneity by means of instrumental variables. Our findings indicate that the contemporaneous effect of the IMF involvement is insignificant while the lagged effect is positive. The 2SLS effect is larger than the OLS one, indicating that the latter is downward biased. (original abstract)

Słowa kluczowe

EN

Economic development; Assistance programs

PL

Rozwój gospodarczy; Programy pomocowe

• Czasopismo: Economics & Sociology
• Rocznik: 2015
• Tom: 8
• Numer: nr 3
• Strony: 32--40

Twórcy

autor

Jan Fidrmuc

• Brunel University, London, United Kingdom

autor

Stefani Kostagianni

• Brunel University, London, United Kingdom

Bibliografia

• Barro, R. J. and Lee, J. W. (2005), IMF-Programs: Who Is Chosen and What are the Effects? Journal of Monetary Economics, 52(7), pp. 1245-1269.
• Clemens, M. A., Radelet, S., Bhavnani, R. R. and Bazzi, S. (2012), Counting Chickens When They Hatch: Timing and the Effects of Aid on Growth, Economic Journal 122, pp. 590617.
• Doucouliagos, H., and Paldam, M. (2008), Aid Effectiveness on Growth: A Meta Study, European Journal of Political Economy 24, pp. 1-24.
• Doucouliagos, H., and Paldam, M. (2009), The Aid Effectiveness Literature: The Sad Results of 40 Years of Research, Journal of Economic Surveys 23(3), pp. 433-461.
• Dreher, A. (2006), IMF and economic growth: the effects of programs, loans, and compliance with conditionality, World Development, 34(5), pp. 769-788.
• Dreher, A. Sturn, J. E. and Vreeland, J. R. (2009), Global horse trading: IMF loans for votes in the United Nations Security Council, European Economic Review 53, pp. 742-757.
• Dreher, A. and Walter, S. (2010), Does the IMF Help or Hurt? The Effect of IMF Programs on the Likelihood and Outcome of Currency Crises, European Economic Review, 53, pp. 742-757.
• Galiani, S., Knack, S., Xu, L. C., and Zou, B. (2014), The Effect of Aid on Growth: Evidence from a Quasi-Experiment, University of Maryland, mimeo.
• Giavazzi, F., and Pagano, M. (1990), Can severe fiscal contraction be expansionary? Tales of two small European countries, NBER Macroeconomics Annual, 5, pp. 75-111.
• Giavazzi, F., and Pagano, M. (1995), Non-Keynesian effects of fiscal policy changes: international evidence and the Swedish experience, NBER working paper, 5332.
• Jackson, O. (2014), Natural Disasters, Foreign Aid, and Economic Growth, Northeastern University, mimeo.
• Mankiw, N. G., D. Romer and D. Weil (1992), A Contribution to the Empirics of Economic Growth, Quarterly Journal of Economics 107 (2), pp. 407-437.
• Paldam, M. (1997a), Dutch disease and rent seeking: The Greenland model, European Journal of Political Economy 13, pp. 591-614.
• Przeworski, A. and Vreeland, J. R. (2000), The Effect of IMF Programs on Economic Growth, Journal of Development Economics, 62, pp. 385-421.
• Vaubel, R. (1983), The Moral Hazard of IMF Lending, In: A. H. Meltzer (Ed.), International Lending and the International Monetary Fund: A Conference in Memory of Wilson E. Schmidt (pp. 65-79), Washington, D.C.: Heritage Foundation.
• Vreeland, J. R. (2003), The IMF and Economic Development, Cambridge: Cambridge University Press.

Identyfikatory

DOI

10.14254/2071-789X.2015/8-3/2