Borrower Ownership of Adjustment Programs and the Political Economy of Reform

摘要

Borrower ownership of adjustment programs is often cited as vital for credibility to policies, safeguarding against policy reversals, and ensuring sustainability of benefits. The paper highlights the symbiotic relationship between program outcome and borrower ownership. It first delineates a possible measurement criteria for ownership. Second, treating ownership as an independent variable, it finds a significant correlation between program outcome and ownership. Finally, through selected country case studies, it ascertains the important factors or antecedents that account for differences in the intensity of borrower ownership. The paper concludes with specific recommendations that may have operational policy significance.