This paper proposes a theory on the interference of World Bank and IMF programs with domestic politics by changing the prevailing power balance between pro-democratic and anti-democratic forces. However, World Bank and IMF programs differ in design and impact. Thus, the question arises whether...

This paper estimates factors affecting demand for Fund financing by Low-Income Countries (LICs) in response to policy and exogenous shocks. Various economic variables including reserve coverage, current account balance to GDP, real GDP growth, macroeconomic stability, and terms of trade shocks...

The world economic order created by the internationot;nal economic institutions such as the IMF and World Bank - the Siamese twins born at Bretton Woods - did not benefit the poor countries and there is no prosnot;pect for them to improve their living standards. Before the Bretton Woods era,...

This paper investigates the impact of World Bank development policy operations on the quality of economic policy during the period 1998-2015. A new theoretical framework distinguishes among three effects that have been conflated hitherto: (a) marginal impacts of additional policy actions within...

The IMF began to play a prominent role in low-income countries in the late 1970s and 1980s when many countries faced overvalued exchange rates, growing budget deficits, high inflation, and low reserves. But times have changed, and many low-income countries no longer face these problems and do...