02025cas a2200265 a 4500 AALejournalIMF017627 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475599039 1018-5941 BD-DhAAL BD-DhAAL Newiak, Monique. Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method / Monique Newiak, Tim Willems. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (43 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 We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, 'PSIs'). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck - thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment. Mode of access: Internet Cabo Verde imf Willems, Tim. IMF Working Papers; Working Paper ; No. 2017/109 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/109/001.2017.issue-109-en.xml IMF e-Library