IMF - supported programs research

A long tradition of research has sought to evaluate the effectiveness of IMF supported programs. The IMF itself has devoted much institutional energy to assessing its performance, both to learn from the past and to deal with new chal lenges. In doing so, the staff of the IMF has contributed significantly to analyzing the IMF's ability to achieve its stated goals of fostering external viability and growth. IMF staff members have had the advantage of access to program details often not as easily available to external researchers. Staff contributions have also included methodological advances. tly, in conducting this research, we have not shied away from unpleasant conclusions.

This volume includes recent research that moves decisively beyond the typi cal characterization of programs. Though researchers have sometimes made the basic distinctions between the different types of IMF program-Stand-By Arrangements, and arrangements under the Extended Fund Facility and the Poverty Reduction and Growth Facility (as well as their predecessor facilities) the nuances of programs are more extensive. In particular, the circumstances under which the program is designed, the limitations in program implementa tion, and the specific national and international economic conditions when the program is in effect all influence the ultimate outcome. The key achievement of the research reported here is to deal with this complexity while also providing simple insights. Of course, all research is work in progress, and these insights need to be verified by further work, but they do offer useful working hypotheses for our operations.