The Economic Impact of International Monetary Fund Programmes

This book
investigates the impact of International Monetary Fund (IMF) programmes on
macroeconomic instability and economic growth in recipient countries. Employing
the New Institutional Economics approach as an analytical framework, it identifies
the determinants of economic and political institutional quality by taking into
account a broad variety of indicators such as parliamentary forms of
government, the aggregate governance level, civil and economic liberties,
property rights etc. The book subsequently estimates the impact of these
institutional determinants on real economic growth, both directly and also
indirectly, through the channel of macroeconomic instability, in recipient
countries. Moreover, it illustrates the effectiveness of IMF programmes in the
case of Pakistan, a frequent user of IMF resources.