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The IMF Forever: An Analysis of the Prolonged Use of Fund Resources

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  • Graham Bird

Abstract

Considerable concern has been expressed about the prolonged use made of International Monetary Fund (IMF) resources by a number of member countries. Some commentators have seen this as being fundamentally at odds with the role of the IMF as a source of temporary balance of payments support and as one aspect of mission creep by the Fund. The perceived importance of the issue is reflected by the fact that the first report of the Fund's Independent Evaluation Office focused on it. This article provides a detailed analysis of the prolonged use of Fund resources. It assesses the extent to which it is a problem and draws on available empirical evidence (both qualitative and quantitative) to isolate the causes of prolonged use. It concludes by examining the policy questions to which prolonged use gives rise.

Suggested Citation

  • Graham Bird, 2004. "The IMF Forever: An Analysis of the Prolonged Use of Fund Resources," Journal of Development Studies, Taylor & Francis Journals, vol. 40(6), pages 30-58.
    • Handle: RePEc:taf:jdevst:v:40:y:2004:i:6:p:30-58
    DOI: 10.1080/0022038042000233795
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    References listed on IDEAS

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    1. Easterly, William & Kremer, Michael & Pritchett, Lant & Summers, Lawrence H., 1993. "Good policy or good luck?: Country growth performance and temporary shocks," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 459-483, December.
    2. Graham Bird & Dane Rowlands, 2004. "The Catalytic Effect of Lending by the International Financial Institutions," Palgrave Macmillan Books, in: International Finance and the Developing Economies, chapter 12, pages 204-226, Palgrave Macmillan.
    3. Knight, Malcolm & Santaella, Julio A., 1997. "Economic determinants of IMF financial arrangements," Journal of Development Economics, Elsevier, vol. 54(2), pages 405-436, December.
    4. Przeworski, Adam & Vreeland, James Raymond, 2000. "The effect of IMF programs on economic growth," Journal of Development Economics, Elsevier, vol. 62(2), pages 385-421, August.
    5. Bird, Graham, 2001. "IMF Programs: Do They Work? Can They be Made to Work Better?," World Development, Elsevier, vol. 29(11), pages 1849-1865, November.
    6. Graham Bird & Dane Rowlands, 2001. "IMF lending: how is it affected by economic, political and institutional factors?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 243-270.
    7. Graham Bird, 2002. "The Completion Rate of IMF Programmes: What We Know, Don’t Know and Need to Know," The World Economy, Wiley Blackwell, vol. 25(6), pages 833-847, June.
    8. Graham Bird & Dane Rowlands, 2002. "Do IMF Programmes Have a Catalytic Effect on Other International Capital Flows?," Oxford Development Studies, Taylor & Francis Journals, vol. 30(3), pages 229-249.
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    1. ., 2016. "Introduction and overview: the purposes and operations of the IMF," Chapters, in: The International Monetary Fund, chapter 1, pages 1-18, Edward Elgar Publishing.
    2. Graham Bird & Dane Rowlands, 2007. "The IMF and the mobilisation of foreign aid," Journal of Development Studies, Taylor & Francis Journals, vol. 43(5), pages 856-870.
    3. Martin Iseringhausen & Ms. Mwanza Nkusu & Wellian Wiranto, 2019. "Repeated Use of IMF-Supported Programs: Determinants and Forecasting," IMF Working Papers 2019/245, International Monetary Fund.

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