ABOUT SPELLS AND RECIDIVISM OF THE TRANSITION ECONOMIES’ PARTICIPATION IN IMF PROGRAMS

Abstract

Based on the review of the modern world economic literature, there were revealed polar approaches of researchers to estimation of the role of the International Monetary Fund (IMF) in world economic processes in whole and its influence on the economic development of separate countries. There were analyzed institutional changes in IMF architecture and management system that favored its transparency, efficiency and increase of trust to the activity of the Fund from the world society. Based on the dynamic approach to the analysis of credit cooperation of countries-recipients with IMF, there were revealed factors that caused differences in duration of series of IMF lending programs (spell) for transition economies and ones that determine recidivism of their credit relations with the Fund. Among other ones, the determining role is played by the technical assistance of the Fund that favored institutional establishment of unstable economic systems, search for consensus between IMF staff members and governments of countries about formation of the policy of conditionality and effectiveness of its realization. The article presents chronologization and analytic estimation of main stages of cooperation between Ukraine and IMF, estimates the net transfers of financial resources of the Fund, elucidates conditions of the incomplete drawn of granted credit resources by Ukraine, causes of finishing credit cooperation and transition to technical one at different stages. At the end there was made a conclusion that main efforts must be directed on constructing native economic system a self-sufficient macroeconomic pattern of the development of the native economic system.