The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF

IMF lending is conditional on a country's commitment to carry out an agreed program of economic policies. Unless that commitment is genuine and broadly held, th

Program conditionality and ownership are important considerations in the IMF's current rethinking of program design. This paper contributes to the literature by

The twenty-one contributions in this book assess the controversy surrounding the Fund and provide judgments about the criteria for Fund lending which should hel

This paper studies the impact of expenditure conditionality in IMF programs on the composition of public spending. A granular dataset on different government ex