Author : Erica Ruth Gould
Publisher :
ISBN 13 :
Total Pages : 544 pages
Book Rating : 4.F/5 ( download)
Book Synopsis Financiers as Fund Principals by : Erica Ruth Gould
Download or read book Financiers as Fund Principals written by Erica Ruth Gould and published by . This book was released on 2001 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: What explains the changes in the activities of the International Monetary Fund? What drives the IMF's interactions with states? Contrary to conventional explanations that focus on state interests or bureaucratic culture, this project argues that changes in Fund activities, particularly Fund conditionality, are best explained by shifts in the sources of state financing. State financiers, which include creditor states, private financial institutions and multilateral organizations, are able to influence Fund activities because their outside financing is necessary for the success and viability of Fund programs. The Fund generally does not provide enough financing to allow a country to balance its payments and implement the Fund's recommended policy program. External financiers are therefore able to exercise some leverage of the Fund, for example demanding that the Fund adjust the terms of its conditionality programs in order to ensure that their financing will be forthcoming. Different types of external financiers have different preferences over Fund activities, like the terms of Fund conditionality arrangements. The dominant sources of state financing have shifted over the last forty years from being provided almost exclusively by creditor states, to being provided by a diverse set of creditor state, private financial interests and multilateral organizations. As the sources of state financing have change, so have the demands on the Fund and the Fund's subsequent activity. The project uses and originally-constructed data set of 249 conditional loan arrangements, coded according to the terms of those arrangements, as well as archival, interview and case study evidence to assess this explanation of Fund activity against the mainstream alternatives.