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Since 1991, the 15 countries under review - have to varying degrees, been pursuing reforms whose broad objectives have been to achieve market-based determination of interest rates and exchange rates, manage banking system liquidity through market operations with indirect instruments, and provide the institutional underpinnings for the design and implementation of macroeconomic stabilization and structural reform programs supported by the IMF. This study reviews the experience under these programs and the economic developments in the countries that undertook them.

Baltic Area --- Russian Federation --- 336.71 <474> --- 336.71 <470> --- banken --- banque centrale --- politique monetaire --- baltische staten --- monetair beleid --- Oost-Europa --- Rusland --- SU / Soviet Union - Ussr - Urss --- EE / Estonia - Estland - Estonie --- LT / Lithuania - Litouwen - Lituanie --- LV / Latvia - Letland - Lettonie --- 333.111.7 --- 333.111.30 --- 333.111.8 --- Bankwezen--Baltische Republieken --- Bankwezen--?<470> --- centrale bank --- etats baltes --- Betrekkingen van de centrale banken met de kredietinstellingen. --- Verrichtingen: algemeen. --- betrekkingen van de centrale banken onder elkaar, met buitenlandse banken en internationale instellingen. Gekruiste kredieten met niet verblijvende instellingen. --- Working papers --- 336.71 <470> Bankwezen--?<470> --- 336.71 <474> Bankwezen--Baltische Republieken --- Russia --- Banks and banking, Central --- 333.101 --- 333.17 --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Banksysteem en bankstelsel --- Verrichtingen: algemeen --- Betrekkingen van de centrale banken met de kredietinstellingen --- betrekkingen van de centrale banken onder elkaar, met buitenlandse banken en internationale instellingen. Gekruiste kredieten met niet verblijvende instellingen --- Crises, saneringen en hervormingen van het bankwezen --- Private finance --- Banks and banking, Central - Former Soviet republics. --- Accounting --- Banks and Banking --- Finance: General --- Foreign Exchange --- Investments: General --- Money and Monetary Policy --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Public Administration --- Public Sector Accounting and Audits --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Financial Markets --- Banking --- Finance --- Currency --- Foreign exchange --- Investment & securities --- Public finance accounting --- Monetary economics --- Financial services law & regulation --- Commercial banks --- Treasury bills and bonds --- Bank deposits --- Financial institutions --- Credit --- Money --- Currencies --- Payment systems --- Financial markets --- Currency markets --- Bank supervision --- Financial regulation and supervision --- Bank resolution --- Financial crises --- Government securities --- Finance, Public --- Clearinghouses --- Foreign exchange market --- State supervision --- Kyrgyz Republic

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This paper analyses empirically the economic factors that lead to approval of Fund financial arrangements. We account for both the economic variables that induce a country to seek an arrangement with the Fund ("demand-side" factors) and the macroeconomic policy commitments that the Fund considers when deciding whether to approve it ("supply-side" factors). Using a pooled sample of annual observations for 91 developing countries over 1973-1991, we obtain maximum likelihood estimates of bivariate and univariate probit equations to determine the probability of approval of a financial arrangement for a given country in a given year. A number of our chosen demand-side and supply-side variables are statistically significant determinants of the approval of a Fund arrangement, and the overall explanatory power of the equations is high.

Banking --- Banks and Banking --- Currency --- Current Account Adjustment --- Debts, External --- Discrete Regression and Qualitative Choice Models --- Discrete Regressors --- Econometric models --- Econometrics & economic statistics --- Econometrics --- Exports and Imports --- External debt --- Foreign exchange reserves --- Foreign Exchange --- Foreign exchange --- International economics --- International Lending and Debt Problems --- International Monetary Arrangements and Institutions --- International reserves --- Monetary Policy --- Probit models --- Proportions --- Real effective exchange rates --- Real exchange rates --- Short-term Capital Movements

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This is the first of a group of papers dealing with various aspects of Fund-supported adjustment programs. The other two, The Global Effects of Fund-supported Adjustment Programs by Morris Goldstein and Fund-Supported Programs, Fiscal Policy, and Income Distribution by the Fiscal Affairs Department, will also be published in the Fund's Occasional Paper Series.

Economic development projects --- International Monetary Fund --- Developing countries --- Economic policy. --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Investment --- Capital --- Intangible Capital --- Capacity --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Macroeconomics: Production --- Interest Rates: Determination, Term Structure, and Effects --- Monetary economics --- Public finance & taxation --- Finance --- Economic theory & philosophy --- Domestic credit --- Private investment --- Public investment spending --- Production growth --- Real interest rates --- Money --- National accounts --- Expenditure --- Production --- Financial services --- Credit --- Saving and investment --- Public investments --- Economic theory --- Interest rates --- Korea, Republic of

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