the donor and the recipient government. Aid conditionality is modeled as a limited enforceable dynamic contract. We define … intense conditionality. …

reforms contained in an economic program. The IMF periodically revises the design and conditionality of economic programs. One … of the key findings of the latest Review of Conditionality concluded in 2019, comprising programs between 2011 and 2017 …

conditionality during the Great Recession and the euro area debt crisis did not properly take into account these interactions. We …