Structural conditionality of IMF-supported programs is designed to support structural reforms by countries borrowing from the IMF. Taking stock of program conditions and their implementation, this paper finds that conditionality focuses on fiscal, monetary and financial issues—areas where IMF...

This paper evaluates the effects of IMF programs at the firm level and considers the role of the financing constraint of firms as a channel of transmission. We examine the different dimensions of a Fund program, namely participation, number, and scope of conditions. We find a positive effect of...

This paper assess how priorities of the IMF’s membership have evolved over the past two decades, by using text mining techniques on a unique dataset combining IMFC communiqués and constituency statements. Our results reveal significant variation in priorities across time and constituencies....

Globalization as the process of intensification of economic, political, social and cultural relations across international boundaries aimed at the transcendental homogenization of political and socio-economic theory across the globe, impacts significantly on African states through systematic...

Climate change poses three specific but interrelated policy challenges: climate change mitigation, climate change adaptation (which includes building up resilience) and managing transition risks. The International Monetary Fund (IMF) is a multilateral institution with global reach and...

The paper documents the benefits provided by IMF’s precautionary instruments (FCL and PLL) to countries in accessing international financial markets. It builds on multiple methods to show that the announcement of new FCL or PLL generally leads to a significant decline in sovereign spreads....