Empirical and Normative Evaluation of the IMF
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چکیده
A long tradition of quantitative studies has mixed and inconclusive findings, but generally casts doubt on arguments that IMF lending has clear effects, either positive or negative, on policy variables or real outcomes. With the exception of certain recent contributions, however, these studies have been so plagued by methodological problems that the most responsible course is to withhold judgment. A reliable assessment of the effects of IMF lending will have to wait for convincing solutions to selection problems and issues of unobserved heterogeneity of borrowers and treatments. Developments in the last five years, however, have uncovered important new findings that are relevant to the normative evaluation of IMF lending.
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