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Essay / Research Paper Abstract
This 10 page paper looks at the way the IMF financial planning model is based on macroeconomic models and how the IMF itself may have influenced or adapted models to justify its own approach. The bibliography cites 10 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEIMFprog.rtf
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where there are several areas that are concentrated upon; these are balance of payments, monetary and fiscal identities for the development of programmes where developing countries target the goals of
inflation and the amassing of a foreign currency reserve. The same model is also used to calculate the required debt relief and the level of imports that would be needed
to achieve the growth. Barth and Hemphill (2000) points out that this a model that has great value in terms of the way it can be used to simulate policy
ramifications. If we look at the work of Blejer (et al, 2001) there is the argument that the criteria of the financial programming model does not place reliance on any
specific macroeconomic model, but instead looks to the different factors that link the balance sheet payments with the monetary and fiscal variables. Conversely Polak (1998), argues that with the
"monetary approach to the balance of payments" itself is a macro model that underpins the IMF financial programming model. Mussa and Savastano (1999) look a the financial programming as only
a blueprint that in turn has a large emphasis on the flow of funds framework and the assessment of imbalances in the economy. They also state that "almost all IMF
programs focus are the public sector deficit and the creation of domestic credit by the central bank" (Mussa and Savastano, 1999). If we look to the IMF itself and the
views expressed the argument is that there are a mixture of different economic theories and approaches that the IMF has then taken and used in ways that have been justified
with the historical applications and evidence. For example, there is the use of the multiplier effect which is a Keynesian model, and the monetary approach with a constant velocity of
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