01780cas a2200241 a 4500 AALejournalIMF000147 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451849530 1018-5941 BD-DhAAL BD-DhAAL Santaella, Julio. Four Decades of Fund Arrangements : Macroeconomic Stylized Facts Before the Adjustment Programs / Julio Santaella. Washington, D.C. : International Monetary Fund, 1995. 1 online resource (50 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the initial conditions before Fund financial arrangements are adopted. Evidence from 324 Fund arrangements in 78 developing countries during 1973-91 indicates that there are important differences in the characteristics between program episodes and a control group. Program episodes exhibit weaker balance of payments, output growth, investment, external conditions and fiscal policy than the control group; they are also characterized by a higher degree of external indebtedness and inflation, and their exchange rates are more depreciated in both nominal and real terms. Only in the case of the growth rates of money and credit do the two groups appear to be statistically similar. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1995/074 Full text available on IMF http://elibrary.imf.org/view/journals/001/1995/074/001.1995.issue-074-en.xml IMF e-Library