The contribution of the IMF and the World Bank to economic freedom

We analyse the effect of World Bank and IMF policies on the composite index of economic freedom of Gwartney et al. [Gwartney, J., Lawson, R., Samida, D., 2000. Economic Freedom of the World 2000, Annual Report, http://www.freetheworld.com] as well as its sub-indexes, using a panel of 85 countries ob...

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Bibliographic Details
Published in:European Journal of Political Economy 2003-09, Vol.19 (3), p.633-649
Main Authors: Boockmann, Bernhard, Dreher, Axel
Format: Article
Language:English
Subjects:
Economic Development
Economic freedom
Economics
Freedom
IMF
Indexes (Measures)
International Economic Organizations
International economic relations
International monetary relations
Political economy
Political science
Structural adjustment policies
World Bank
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Summary:We analyse the effect of World Bank and IMF policies on the composite index of economic freedom of Gwartney et al. [Gwartney, J., Lawson, R., Samida, D., 2000. Economic Freedom of the World 2000, Annual Report, http://www.freetheworld.com] as well as its sub-indexes, using a panel of 85 countries observed between 1970 and 1997. With respect to the World Bank, we find that the number of projects has a positive impact on overall economic freedom, while the effect of the amount of World Bank credits appears to be negative. These effects are stronger during the 1990s than in earlier periods. There is no clear relationship between credits and programs of the IMF and economic freedom as measured by the index.
ISSN:0176-2680
1873-5703
DOI:10.1016/S0176-2680(03)00016-8