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

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...

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Bibliographic Details
Main Author: Schadler, Susan
Other Authors: Dicks-Mireaux, Louis, Mecagni, Mauro
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1995
Series:IMF Working Papers
Subjects:
International Economics
Prices
Macroeconomics
Fiscal Policy
External Debt
Nominal Effective Exchange Rate
International Lending And Debt Problems
Inflation
Studies Of Particular Policy Episodes
Debts, External
Foreign Exchange
Debt Service Ratios
Fiscal Stance
International Monetary Arrangements And Institutions
Debt Service
Currency
Deflation
Exports And Imports
Price Level
Yemen, Republic Of
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary: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
Physical Description:42 pages
ISBN:9781451951486

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