Evaluating the macroeconomic impacts of IMF programmes in Latin America, 1975-2004: A GEE analysis

Abstract

Using panel data for 21 Latin American countries over the period 1975-2004, this paper analyses macroeconomic effects of IMF programmes by using GEE methodology. In line with the results of previous studies, it is shown that these programmes have positive effects on the balance of payments, current account and investment. However, they negatively affect budget deficit, per capita CDP, FDI, inflation and consumption.