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International Monetary Fund. Research Dept.
Articles reviewing IMF research on dollarization and on the relationship between macroeconomic policies and income distribution; country/area study: The Euro Area; summaries of Second Annual IMF Research Conference and Investor Relations Seminar; list of external publications of IMF staff; IMF working papers; visiting scholars at the IMF.
International Monetary Fund. Research Dept.

and conditionality. Barro and Lee show that IMF stabilization loans have no effect on long-run growth once the endogeneity of the lending decision—which may depend on borrower characteristics which themselves affect growth—is properly dealt with (simple regressions show a negative relationship). Their analysis uses political and institutional variables, such as the size of the borrower country’s quota, its political proximity to the U.S. and other big shareholders as regression instruments. Cordella and Dell’Ariccia show that an international donor’s choice