NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The International Monetary Fund and the Developing Countries: A Critical Evaluation

Sebastian Edwards

NBER Working Paper No. 2909 (Also Reprint No. r1387)
Issued in April 1990
NBER Program(s):   ITI   IFM

The purpose of this paper is to critically evaluate the IMF's role in the developing countries' adjustment process. In particular, the paper tries to answer the following questions: What model or framework does the IMF use to generate its advice, and is that advice eclectic? Is there evidence that countries that followed the IMF's advice do better than countries that proceed in other ways? Are the policy decisions of the Fund based on technical knowledge or do they reflect the political views of the larger members? Is the IMF position regarding the debt crisis conducive to a realistic solution? What can we expect from the Fund in the future? The paper also includes an evaluation of recent IMF programs, as well as an econometric analysis of the contractionary devaluation issue.

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Document Object Identifier (DOI): 10.3386/w2909

Published: Carnegie-Rochester Conference Series on Public Policy, Vol. 31, pp. 7-68,(1989).

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