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Sotirios K. Bellos

Abstract

We analyze empirically whether IMF financial assistance in 31 transition countries, during the transition and the post-transition period, has achieved the purposes stated in the IMF's own articles of agreement, namely employment enhancement, confidence provision and export promotion. By employing panel data and impact evaluation analysis, we find that IMF presence persistently fails to be correlated with upgrades in sovereign rating, FDI attraction and employment improvement. By focusing on specific IMF policies, we present some intriguing results, which reveal whether these individual policies actually contribute to the achievement of the official IMF purposes or not.

Open access

Eleftherios Makedonas, Sotirios Bellos and Subasat Turan

Abstract

An arduous debate has developed around the question of whether the multiple IMF’s ‘stabilization’ interventions in developing countries have actually met one of the most important of its initial programmatic goals, i.e., the provision of resources to members, with a view to eliminating temporary Balance of Payments maladjustments, avoiding at the same time destroying ‘national or international prosperity’. More importantly, there have been many voices claiming that these programs have rather accentuated poverty than alleviated it. We explore this claim both theoretically and empirically. Our results show an unequivocal negative relationship between IMF lending and poverty in the developing world.