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

Author

Listed:
  • Ms. Susan M Schadler
  • Mr. Louis Dicks-Mireaux
  • Mr. Mauro Mecagni

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.

Suggested Citation

  • Ms. Susan M Schadler & Mr. Louis Dicks-Mireaux & Mr. Mauro Mecagni, 1995. "The Macroeconomic Effects of ESAF-Supported Programs: Revisiting Some Methodological Issues," IMF Working Papers 1995/092, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1995/092
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    Cited by:

    1. Hutchison, Michael M. & Noy, Ilan, 2003. "Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 991-1014, December.

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