Arbeitspapier
On the Conditional Effects of IMF Loan Program Participation on Output Growth
The empirical evidence currently available in the literature regarding the effects of a country's IMF program participation on its output growth is rather inconclusive. In this paper we propose and estimate a panel data sample selection model featuring state dependence. As in this model the output growth effects of program participation can be conditional on the realization of a state variable (conditional pooling), our framework may reconcile previous empirical evidence based on models without state-dependent effects. We find that the effects of IMF program participation on output growth vary systematically with an index reflecting a country's institutional record, and that output growth effects of program participation are significantly positive only if the program participation is coupled with sufficient improvement of the institutional record.
- Sprache
-
Englisch
- Erschienen in
-
Series: IMFS Working Paper Series ; No. 78
- Klassifikation
-
Wirtschaft
Macroeconomic Analyses of Economic Development
International Linkages to Development; Role of International Organizations
Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models
- Thema
-
Conditional Pooling
IMF Program Participation
Output Growth
Panel Sample Selection Models
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Binder, Michael
Bluhm, Marcel
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2014
- Handle
- URN
-
urn:nbn:de:hebis:30:3-343188
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Binder, Michael
- Bluhm, Marcel
- Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
Entstanden
- 2014
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