TY  - UNPD
A1  - Binder, Michael
A1  - Bluhm, Marcel
T1  - On the conditional effects of IMF loan program participation on output growth
T2  - Working paper series / Institute for Monetary and Financial Stability ; 78
N2  - Panel Sample Selection ModelsThe empirical evidence currently available in the literature regarding the effects of a country's IMF program participation on its output growth is rather inconclusive. In this paper we propose and estimate a panel data sample selection model featuring state dependence. As in this model the output growth effects of program participation can be conditional on the realization of a state variable (conditional pooling), our framework may reconcile previous empirical evidence based on models without state-dependent effects. We find that the effects of IMF program participation on output growth vary systematically with an index reflecting a country's institutional record, and that output growth effects of program participation are significantly positive only if the program participation is coupled with sufficient improvement of the institutional record.
T3  - Working paper series / Institute for Monetary and Financial Stability - 78 
KW  - Conditional Pooling
KW  - IMF Program Participation
KW  - Output Growth
KW  - Panel Sample Selection Models
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/34318
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-343188
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/IMFS_WP/WP_78.pdf
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -