From One Crisis to the Next

2017 ◽  
Author(s):  
Stephen C. Nelson
Keyword(s):  
Decision Making ◽  
International Monetary Fund ◽  
Economic Collapse ◽  
Imf Programs ◽  
The International Monetary Fund

This chapter examines Argentina's relationship with the International Monetary Fund (IMF) during the period 1985–2002. It first considers the new policy team formed by Argentine President Raúl Alfonsín and its plan to solve the country's spiraling inflation problem before discussing the successive failed stabilization programs, including Plan Austral and Plan BB, that culminated in Alfonsín's resignation and the transformation of the Argentine economy under a group of neoliberals in the Peronist government of Carlos Menem. It also analyzes the politics surrounding the series of IMF programs that preceded the economic collapse of 2001–2002, along with the United States's influence on the decision making of the Fund. Finally, it assesses the aftermath of the Argentine crisis.

scholarly journals Decision-Making in the International Monetary Fund: Implications for Sovereign Equality of States

2019 ◽  
Vol 23 (37) ◽  
pp. 44-66
Author(s):  
Alex Ansong
Keyword(s):  
Decision Making ◽  
International Monetary Fund ◽  
International Organizations ◽  
Joint Stock Company ◽  
Stock Company ◽  
Sovereign Equality ◽  
International Economic Cooperation ◽  
Set Up ◽  
The International Monetary Fund ◽  
The Imf

Abstract The International Monetary Fund (IMF) is one of the post-Second World War international organizations set up to promote good international economic cooperation among states. Unlike international organizations like the United Nations (UN) and the World Trade Organization (which succeeded the General Agreement on Tariff and Trade 1947), decision-making in the IMF is quite peculiar in that it is based on the joint stock company model where the value of shares determine the value of a member’s vote. Thus the principle of sovereign equality of states that underpins the one-member-one-vote system in the UN and WTO is absent in the IMF. This paper discusses the various decisionmaking organs in the IMF and concludes with a discussion on the sovereignty implications of the use of IMF conditionalities in the giving of loans, especially to developing countries.

Poverty, Inequality, and the International Monetary Fund: How Austerity Hurts the Poor and Widens Inequality

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Thomas Stubbs ◽  
Alexander Kentikelenis ◽  
Rebecca Ray ◽  
Kevin P. Gallagher
Keyword(s):  
International Monetary Fund ◽  
Developing World ◽  
International Level ◽  
Policy Reforms ◽  
The Poor ◽  
Original Dataset ◽  
Socio Economic Development ◽  
Imf Programs ◽  
The International Monetary Fund ◽  
The Imf

Abstract Among the drivers of socio-economic development, this article focuses on an important yet insufficiently understood international-level determinant: the spread of austerity policies to the developing world by the International Monetary Fund (IMF). In offering loans to developing countries in exchange for policy reforms, the IMF typically sets the fiscal parameters within which development occurs. Using an original dataset of IMF-mandated austerity targets, we examine how policy reforms prescribed in IMF programs affect inequality and poverty. Our empirical analyses span a panel of up to 79 countries for the period 2002–2018. Using instrumentation techniques, we control for the possibility that these relationships are driven by the IMF imposing harsher austerity measures precisely in countries with more problematic economies. Our findings show that stricter austerity is associated with greater income inequality for up to two years, and that this effect is driven by concentrating income to the top 10% of earners while all other deciles lose out. We also find that stricter austerity is associated with higher poverty headcounts and poverty gaps. Taken together, our findings suggest that the IMF neglects the multiple ways its own policy advice contributed to social inequity in the developing world.

The Politics of Financial Reform in Indonesia

Asian Survey ◽  
2014 ◽  
Vol 54 (5) ◽  
pp. 987-1008 ◽  
Author(s):  
Sawa Omori
Keyword(s):  
International Monetary Fund ◽  
Temporal Variations ◽  
Financial Reform ◽  
Veto Players ◽  
Financial Reforms ◽  
Imf Programs ◽  
The International Monetary Fund ◽  
The Imf

This research explains the politics of financial reforms in Indonesia by applying the theory of veto players. By comparing the periods during and after the International Monetary Fund (IMF) programs, I analyze temporal variations in the effects of the IMF and the number of veto players on financial reforms in Indonesia.

scholarly journals EXPERIENCE AND STRATEGIC DIRECTIONS OF UKRAINE'S CO-OPERATION WITH THE INTERNATIONAL EXCHANGE FUND

2017 ◽  
pp. 36-49
Author(s):  
Vitaliy Rudan
Keyword(s):  
Developing Countries ◽  
International Monetary Fund ◽  
National Economy ◽  
Systematic Approach ◽  
International Exchange ◽  
Domestic Economy ◽  
Internal Resources ◽  
Imf Programs ◽  
The International Monetary Fund ◽  
The Imf

Introduction. The article deals with theoretical and practical views on the peculiarities of the activities of the International Monetary Fund, in particular the provision of loans to developing countries. The domestic experience of cooperation with the IMF is analyzed. The main problems and threats for the national economy are outlined. Purpose. The aim of the article is to study international and domestic experience of cooperation with the International Monetary Fund, as well as to develop proposals for the formulation of strategic guidelines for the development of Ukraine in the context of studying expediency of interaction with the Fund. Method (methodology). Methods of empirical and retrospective analysis of the activities of the International Monetary Fund in lending to developing countries and Ukraine; methods of analogy and comparison when studying the problem aspects of cooperation between Ukraine and the IMF; statistical methods for analyzing the dynamics of indices of the domestic currency market; a systematic approach to substantiating strategic guidelines for the development of the domestic economy without the support of the IMF have been used in this research. Results. The main ambiguous actions of the International Monetary Fund concerning the developing countries have been analyzed. The main aspects of cooperation between the IMF and Ukraine have been studied. On their basis the threatening requirements of the IMF programs for the national economy have been singled out. The proposals on the expediency of restricting cooperation have been substantiated. We have worked out the recommendations as for the formation of strategic guidelines for the development of the domestic economy at the expense of internal resources and opportunities without the support of the IMF.

Book Reviews

2011 ◽  
Vol 49 (4) ◽  
pp. 1307-1308
Keyword(s):  
Economic Policy ◽  
International Monetary Fund ◽  
International Economics ◽  
Russian Government ◽  
Economic Collapse ◽  
Financial Obligations ◽  
The International Monetary Fund

Anders Aslund of Peterson Institute for International Economics reviews “No Precedent, No Plan: Inside Russia's 1998 Default” by Martin Gilman. The EconLit abstract of the reviewed work begins, “Considers whether the Russian government default on its domestic financial obligations in August 1998, and the subsequent economic collapse, were inevitable and examines the legacy of that crisis on subsequent Russian economic policy. Discusses Russia and the International Monetary Fund (IMF); growing IMF involvement; whether Russia seems to be turning a corner; hope disappointed; how a possible crisis becomes probable; how a probable crisis then becomes unavoidable; the surprising postcrisis recovery; the friendly divorce; the legacy of the crisis; and whether history is doomed to repeat itself. Gilman is Professor of Economics at Russia's Higher School of Economics. Index.”

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