Quarterly evidence on participation in IMF programs for the period 1974-2003 is examined statistically using the techniques of hazard analysis and error-correction estimation. Three hypotheses are proposed and tested, and the results support a quot;revolving doorquot; explanation of...

The past 25 years have seen a dramatic transformation in Europe’s former communist countries, resulting in their reintegration with the global economy, and, in most cases, major improvements in living standards. But the task of building full market economies has been difficult and protracted....