By Omer Javed

This booklet investigates the influence of foreign financial Fund (IMF) programmes on macroeconomic instability and fiscal development in recipient international locations. applying the hot Institutional Economics strategy as an analytical framework, it identifies the determinants of monetary and political institutional caliber by means of bearing in mind a huge number of symptoms resembling parliamentary varieties of executive, the mixture governance point, civil and fiscal liberties, estate rights and so on. The ebook in this case estimates the effect of those institutional determinants on actual monetary development, either at once and in addition not directly, throughout the channel of macroeconomic instability, in recipient nations. in addition, it illustrates the effectiveness of IMF programmes in terms of Pakistan, a common consumer of IMF assets.

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Extra resources for The Economic Impact of International Monetary Fund Programmes: Institutional Quality, Macroeconomic Stabilization and Economic Growth

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26 The lag of both EIQ and PIQ remain positively significant for both programme countries and prolonged users, indicating high persistence in the evolution of IQ. This is in line with the path dependent nature of institutional evolution, where the past institutional setup feeds into the present; and forms an underlying reason for adopting the dynamic process in the current study. The dummy variable, regime, indicates whether a country has parliamentary or a presidential form of government. The estimations indicate that regime is significantly positive throughout, which means that parliamentary form of government enhances both EIQ and PIQ in programme countries, as well as prolonged users.

The null hypothesis of instrument set being valid exogenous is checked by the p-values of the Hansen Over-Identifying Restrictions (OIR) test. Arellano-Bond AR(1), AR(2) and AR(3) tests are used to check the null of no autocorrelation. To save space, time dummies not reported. 6 (continued) 30 2 Determinants of Institutional Quality: A Case Study of IMF Programme Countries Property rights Investment freedom Fiscal freedom Monetary freedom KOF Index of Glob. Civil liberties Agg. Govern. Ind. Herf.

2) may positively impact real GDP both directly, and then indirectly through the macroeconomic stability channel, in IMF programme countries. The study is structured in the following way: relevant literature is reviewed in Sect. 2, followed by discussion of data and methodology in Sect. 3, while Sect. 4 highlights estimation and results. Conclusion of the study is given in the last section (which is Sect. 5). 2 Literature Review Ever since the Third World Debt crisis of the 1980s, IMF enhanced its role, mainly through its structural adjustment window; resulting in turn, in greater focus of economic research to gauge the impact of IMF programmes on the economic performance of recipient countries.

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