The Politics Of Imf Lending PDF Download
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Author | : M. Breen |
Publisher | : Springer |
Total Pages | : 146 |
Release | : 2013-08-15 |
Genre | : Political Science |
ISBN | : 1137263814 |
Download The Politics of IMF Lending Book in PDF, ePub and Kindle
As national governments continue to disagree over how to respond to the aftermath of the global financial crisis, two of the few areas of consensus were the decisions to increase the IMF's capacity to respond and remove the policies designed to limit the use of its resources. Why was this massive increase in the size of the IMF, accompanied by the removal of policies designed to limit moral hazard, such an easy point of consensus? Michael Breen looks at the hidden politics behind IMF lending and proposes a new theory based on shareholder control. To test this theory, he combines statistical analysis with a sweeping account of IMF lending and conditionality during two global crises; the European sovereign debt crisis and the Asian financial crisis.
Author | : Mark Copelovitch |
Publisher | : |
Total Pages | : 49 |
Release | : 2009 |
Genre | : |
ISBN | : |
Download Master or Servant? Common Agency and the Political Economy of IMF Lending Book in PDF, ePub and Kindle
What explains the substantial variation in the International Monetary Fund's lending policies over time and across cases? Some scholars argue that the IMF is the servant of the United States and other powerful member-states, while others contend that the Fund's professional staff acts independently in pursuit of its own bureaucratic interests. I argue that neither of these perspectives, on its own, fully and accurately explains IMF lending behavior. Rather, I propose a quot;common agencyquot; theory of IMF policymaking, in which the Fund's largest shareholders - the G-5 countries that exercise de facto control over the Executive Board - act collectively as its political principal. Using this framework, I argue that preference heterogeneity among G-5 governments is a key determinant of variation in IMF loan size and conditionality. Under certain conditions, G-5 preference heterogeneity leads to conflict or quot;logrollingquot; within the Executive Board, while in others it creates scope for the IMF staff to exploit quot;agency slackquot; and increase its policymaking autonomy. Statistical analysis of an original dataset of 197 non-concessional IMF lending to 47 countries from 1984 to 2003 yields strong support for this framework and its empirical predictions. In clarifying the politics of IMF lending, the article sheds light on the merits of recent policy proposals to reform the Fund and its decision-making rules. More broadly, it furthers our understanding of delegation, agency, and the dynamics of policymaking within international organizations (IOs).
Author | : James Raymond Vreeland |
Publisher | : Routledge |
Total Pages | : 299 |
Release | : 2006-12-06 |
Genre | : Political Science |
ISBN | : 1134189524 |
Download The International Monetary Fund (IMF) Book in PDF, ePub and Kindle
This is a clear and concise introduction to the International Monetary Fund (IMF) and an overview of its debates and controversies. Where did the IMF come from? What does it do? Why do so many governments participate in its programs and what are their effects? How can we best reform this key global institution? These are some of the key questions addressed. In our age of thinking global, the IMF is a crucial institution and central to understanding international relations and current affairs. Founded in the aftermath of the Second World War, its basic purposes were to facilitate world trade and promote national prosperity. The founders hoped that never again would the world experience the trade policies that led up to the Great Depression. This book outlines and questions these targets and assesses actual achievements. It also details how despite originally focusing on Europe, the Fund has gradually shifted to involvement with poorer developing countries, but to what ends and with how much success? This study both poses and tackles the tough questions facing our global community today.
Author | : Vitor Gaspar |
Publisher | : International Monetary Fund |
Total Pages | : 548 |
Release | : 2017-04-07 |
Genre | : Business & Economics |
ISBN | : 1475547900 |
Download Fiscal Politics Book in PDF, ePub and Kindle
Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
Author | : Graham Bird |
Publisher | : Routledge |
Total Pages | : 318 |
Release | : 2014-05-01 |
Genre | : Business & Economics |
ISBN | : 1134700776 |
Download The IMF and the Future Book in PDF, ePub and Kindle
The International Monetary Fund has been criticised from both the right and the left of the political spectrum with the right arguing that it is too interventionist and creates more problems than it solves and the left on occasion demanding that it be abolished altogether. What seems almost beyond question is that the IMF needs to be reformed. Defining a future role for the IMF will always be a controversial issue, but vital to any considerations will be a measured assessment of how it has operated in the past. This excellent new book from an internationally respected expert on the IMF intends to do just that. Starting with an historical background tracing the evolution of the IMF, the book goes on to cover such themes as: *The circumstances under which countries turn to the IMF *The various aspects of IMF conditionality *Institutional issues such as lending facilities and how the fund is resourced. Bringing together an array of articles, this excellent new book will undoubtedly be required reading for anyone with a serious interest in development studies as well as being an eye-opening read for policy makers involved with the IMF.
Author | : Gregory Smith |
Publisher | : Oxford University Press |
Total Pages | : 230 |
Release | : 2021-12-01 |
Genre | : Business & Economics |
ISBN | : 019764421X |
Download Where Credit is Due Book in PDF, ePub and Kindle
Borrowing is a crucial source of financing for governments all over the world. If they get it wrong, then debt crises can bring progress to a halt. But if it's done right, investment happens and conditions improve. African countries are seeking calmer capital, to raise living standards and give their economies a competitive edge. The African debt landscape has changed radically in the first two decades of the twenty-first century. Since the clean slate of extensive debt relief, states have sought new borrowing opportunities from international capital markets and emerging global powers like China. The new debt composition has increased risk, exacerbated by the 2020 coronavirus pandemic: richer countries borrowed at rock-bottom interest rates, while Africa faced an expensive jump in indebtedness. The escalating debt burden has provoked calls by the G20 for suspension of debt payments. But Africa's debt today is highly complex, and owed to a wider range of lenders. A new approach is needed, and could turn crisis into opportunity. Urgent action by both lenders and borrowers can reduce risk, while carefully preserving market access; and smart deployment of private finance can provide the scale of investment needed to achieve development goals and tackle the climate emergency.
Author | : Kendall W. Stiles |
Publisher | : Routledge |
Total Pages | : 200 |
Release | : 2019-03-07 |
Genre | : Political Science |
ISBN | : 0429714866 |
Download Negotiating Debt Book in PDF, ePub and Kindle
This book aims to develop and test a model of International Monetary Fund (IMF) decision-making that will offer a better understanding of how the IMF applies its lending terms to individual countries such as Jamaica, Zaire, Sudan, India, United Kingdom, Turkey and Argentina.
Author | : Finn Tarp |
Publisher | : |
Total Pages | : |
Release | : 2014 |
Genre | : |
ISBN | : |
Download On US Politics and IMF Lending Book in PDF, ePub and Kindle
The political factors shaping IMF lending to developing countries have attracted attention in recent empirical work. This goes in particular for the role and influence of the US. However, scant formal modelling makes interpretation of empirical results difficult. In this paper, we propose a model in which the US acts as principal within the IMF and seeks to maximize its impact on the policy stance of debtor countries. We derive an optimal loan allocation mechanism, which leads to the testable hypothesis that the probability of an IMF loan is increasing in the amount of political concessions countries make. A political concession is defined as the distance between a country's bliss point and its actual policy stance measured relative to the US. We introduce a bliss-point proxy and demonstrate that our hypothesis is strongly supported in the data. Moreover, we show that not accounting for bliss points may lead to endogeneity bias in empirical work.
Author | : Liam Clegg |
Publisher | : Springer |
Total Pages | : 282 |
Release | : 2013-06-03 |
Genre | : Political Science |
ISBN | : 1137274557 |
Download Controlling the World Bank and IMF Book in PDF, ePub and Kindle
Liam Clegg provides an innovative reading of where power lies in the institutions' concessional lending operations, drawing its focus on shareholders and stakeholders from staffs' own understandings of their operational environments.
Author | : Mark S. Copelovitch |
Publisher | : Cambridge University Press |
Total Pages | : 395 |
Release | : 2010-06-10 |
Genre | : Political Science |
ISBN | : 1139485962 |
Download The International Monetary Fund in the Global Economy Book in PDF, ePub and Kindle
The explosive growth and increasing complexity of global financial markets are defining characteristics of the contemporary world economy. Unfortunately, financial globalization has been accompanied by a marked increase in the frequency and severity of financial crises. The International Monetary Fund (IMF) has taken a central role in managing these crises through its loans to developing countries. Despite extensive analysis and criticism of the IMF in recent years, key questions remain unanswered. Why does the Fund treat some countries more generously than others? To what extent is IMF lending driven by political factors rather than economic concerns? In whose interests does the IMF act? In this book, Mark Copelovitch offers novel answers to these questions. Combining statistical analysis with detailed case studies, he demonstrates how the politics and policies of the IMF have evolved over the last three decades in response to fundamental changes in the composition of international capital flows.