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The Politics Of Imf Lending
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Book Synopsis The Politics of IMF Lending by : M. Breen
Download or read book The Politics of IMF Lending written by M. Breen and published by Springer. This book was released on 2013-08-15 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis On US Politics and IMF Lending by : Finn Tarp
Download or read book On US Politics and IMF Lending written by Finn Tarp and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The International Monetary Fund (IMF) by : James Raymond Vreeland
Download or read book The International Monetary Fund (IMF) written by James Raymond Vreeland and published by Routledge. This book was released on 2006-12-06 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The IMF and the Future by : Graham Bird
Download or read book The IMF and the Future written by Graham Bird and published by Routledge. This book was released on 2014-05-01 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Master or Servant? Common Agency and the Political Economy of IMF Lending by : Mark Copelovitch
Download or read book Master or Servant? Common Agency and the Political Economy of IMF Lending written by Mark Copelovitch and published by . This book was released on 2009 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).
Book Synopsis Where Credit is Due by : Gregory Smith
Download or read book Where Credit is Due written by Gregory Smith and published by Oxford University Press. This book was released on 2021-12-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Fiscal Politics written by Vitor Gaspar and published by International Monetary Fund. This book was released on 2017-04-07 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book IMF Lending written by M. Rodwan Abouharb and published by Cambridge University Press. This book was released on 2023-12-31 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element argues that governments allocate adjustment burdens strategically to protect their supporters, imposing adjustment costs upon the supporters of their opponents, who then protest in response. Using large-N micro-level survey data from three world regions and a global survey, it discusses the local political economy of International Monetary Fund (IMF) lending. It finds that opposition supporters in countries under IMF structural adjustment programs (SAP) are more likely to report that the IMF SAP increased economic hardships than government supporters and countries without IMF exposure. In addition, it finds that partisan gaps in IMF SAP evaluations widen in IMF program countries with an above-median number of conditions, suggesting that opposition supporters face heavier adjustment burdens, and that opposition supporters who think SAPs made their lives worse are more likely to protest.
Book Synopsis "Private Debt Composition and the Political Economy of IMF Lending" by : Mark Copelovitch
Download or read book "Private Debt Composition and the Political Economy of IMF Lending" written by Mark Copelovitch and published by . This book was released on 2004 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IMF Lending and Banking Crises by : Luca Papi
Download or read book IMF Lending and Banking Crises written by Luca Papi and published by International Monetary Fund. This book was released on 2015-01-26 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.
Book Synopsis Negotiating Debt by : Kendall W. Stiles
Download or read book Negotiating Debt written by Kendall W. Stiles and published by Routledge. This book was released on 2019-03-07 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis IMF Lending in an Interconnected World by : Jean-Guillaume Poulain
Download or read book IMF Lending in an Interconnected World written by Jean-Guillaume Poulain and published by International Monetary Fund. This book was released on 2017-07-10 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the determinants of IMF lending since the early nineties, a period during which the roles of financial cycles and interconnectedness as amplifiers and transmitters of economic crises have gained prominence. First, we show that the global financial cycle is an important driver of IMF lending cycles. Second, using a panel of 91 advanced, emerging, and frontier economies over 1992-2014, we show that global factors and interconnectedness, as proxied by a countries’ potential exposure to economic spillovers from trade partners, together with more traditional idiosyncratic factors, have a significant impact on the probability that a member country obtains financial assistance from the IMF. Our results are robust to various robustness checks. The approach presented in this paper can be used to assess future demand for IMF financial assistance.
Book Synopsis The International Monetary Fund by : James Raymond Vreeland
Download or read book The International Monetary Fund written by James Raymond Vreeland and published by . This book was released on 2006 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ideal book for students who need a clear and concise introduction to the IMF and an overview of its debates and controversies.
Book Synopsis The International Monetary Fund in the Global Economy by : Mark S. Copelovitch
Download or read book The International Monetary Fund in the Global Economy written by Mark S. Copelovitch and published by Cambridge University Press. This book was released on 2010-06-10 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Assessing IMF Lending: a Model of Sample Selection by : Nicolas Mäder
Download or read book Assessing IMF Lending: a Model of Sample Selection written by Nicolas Mäder and published by International Monetary Fund. This book was released on 2019-07-19 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are presented within a unified econometric framework. We allow for unobserved heterogeneity to create an additional channel for sample selection at the country level. The results suggest that higher external financing needs, larger exchange rate depreciation, lower GDP growth, as well as deteriorated global financial conditions, are associated with larger individual IMF arrangement sizes. Using the estimated parameters, Monte Carlo simulation of a wide spectrum of global shock scenarios suggest that the distribution of potential aggregate IMF lending exhibits a substantial right tail. Our approach may provide an insightful input to broader policy discussions on the adequacy of the IMF resources.
Book Synopsis Lending Credibility by : Randall W. Stone
Download or read book Lending Credibility written by Randall W. Stone and published by Princeton University Press. This book was released on 2012-01-06 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country. Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.
Book Synopsis The Political Determinants of IMF Lending by : Jason D. Yackee
Download or read book The Political Determinants of IMF Lending written by Jason D. Yackee and published by . This book was released on 1999 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
