This paper examines whether ESAF-supported programs during 1986-91 had significant independent effects on growth, inflation and the external debt service ratio. Econometric estimates of the Generalized Evaluation Estimator (GEE) identify statistically significant beneficial effects on output...

Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates....

The Enhanced Structural Adjustment Facility (ESAF) is the cenerpiece of the International Monetary Fund's strategy to provide assistance on concessional terms to low-income member countries that are undertaking important macroeconomic adjustment and stuctural reforms. By February 1999, a total...