IMF programmes must not get too large – Bundesbank paper

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International Monetary Fund programmes are more likely to change an economy if they do not grow beyond a certain size, a working paper published by the Deutsche Bundesbank argues.

In Doing more with less: the catalytic function of IMF lending and the role of program size, Tobias Krahnk compiles a dataset on IMF programmes from 1990–2018.

IMF programmes generally have positive catalytic effects on recipient economies, Krahnk finds, but this changes once programmes pass a certain size.  


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