A firm level approach on the effects of IMF programs
研究IMF项目对企业销售增长的影响，发现参与项目可使企业销售增长最高提升26%，且融资约束缓解是重要传导渠道。
This paper evaluates the effects of IMF programs at the firm level and considers the role of firm financing constraints as a channel of transmission. We examine different dimensions of a Fund program, namely participation and scope of conditionality. We find a positive effect of IMF programs on firms’ sales growth, such that average sales growth can be up to 26 percent higher in firms exposed to IMF programs, and such effect is persistent over time. We also find evidence that the firms’ financing constraint plays a role in the transmission of effects, and alleviation of these constraints improves performance. This paper, aside from providing new evidence on the effectiveness of IMF programs, brings attention to the role (and effectiveness) of official intervention, an important but under-analyzed dimension of international finance.