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| Author: | Hutchison, M.M. Noy, I. |
| Title: | Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations |
| Journal: | Journal of International Money and Finance
2003 : DEC, VOL. 22:7, p. 991-1014 |
| Index terms: | IMF Macroeconomics Output Stabilization Latin America |
| Language: | eng |
| Abstract: | The effects of IMF stabilization programs and the reasons behind the unusually high IMF activity and relatively low program completion rates in Latin America are investigated in this paper. The tests of the study are based on a panel, and a distitinction is made between IMF program approvals and completion. It is found that Latin America has higher output costs of IMF programs (especially when completed), no improvement in the current account, and a much higher likelihood of program failure and recidivism than other regions. |
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