Controlling Capital: The International Monetary Fund and Transformative Incremental Change from Within International Organisations

Chwieroth, Jeffrey M.

doi:10.1080/13563467.2013.796451

Cited by 97 publications

(39 citation statements)

References 49 publications

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“…A growing scholarship has examined the internal sources of change in the IMF's policy doctrines and found that staff research plays an important role (Abdelal ; Broome and Seabrooke ; Chwieroth , ; Clift and Tomlinson , ; Copelovitch ; Leiteritz and Moschella ; Momani ; Moschella ; Park and Vetterlein ). This finding resonates with scholarship that shows international economic organizations to derive both legitimacy and authority from claiming that they have the required scientific authority to settle debates on the underpinnings of economic policy (Barnett and Finnemore ; Broome and Seabrooke ; Chwieroth , ). For some, internal change takes place when new senior management arrives and brings with them new economic ideas (Abdelal ).…”

Section: Analytical Frameworkmentioning

confidence: 99%

Austerity versus Stimulus? Understanding Fiscal Policy Change at the International Monetary Fund Since the Great Recession

Ban

2014

Governance

118

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Since 2008, the International Monetary Fund (IMF) has become more open to the use of discretionary fiscal stimulus packages to deal with recessions, while changing its doctrine on the timing and content of fiscal consolidation. The article traces this evolution of the Fund's doctrine to staff politics, more diverse thinking in mainstream economics, and a careful framing of the message through the use of mainstream macroeconomic models. To map the changing contours of institutional views on fiscal policy through 2008–2013, the article undertakes a detailed content analysis of official publications from the Fiscal Affairs Department and the Research Department. The connection between these shifts and significant personnel shake‐ups is demonstrated through an extensive biographical analysis of the authors of all IMF studies cited in the official reports of the two departments. The findings contribute to the emerging debate on the sources of intellectual and policy change in international economic organizations.

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Section: Analytical Frameworkmentioning

confidence: 99%

Austerity versus Stimulus? Understanding Fiscal Policy Change at the International Monetary Fund Since the Great Recession

Ban

2014

Governance

118

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“…They have used new and innovative tools to answer these questions and to assess the extent to which rhetoric on change and reform at the BWIs has materialized in actual reform. While still asking the same questions of control, power, voice, change and the effects of these institutions, scholars have used innovative methodological tools and theoretical lenses, including network analysis, macro‐comparative quantitative analysis and synthesized approaches, such as a synthesis of principal–agent and intra‐organizational dynamics (Copelovitch, ; Weaver, ; Woods, ), as well as rationalist, constructivist and principal–agent theories (Ban and Gallagher, ; Chwieroth, ; Gallagher, ; Grabel, ).…”

Section: Old Dogs New Tricks?mentioning

confidence: 99%

“…A new wave of scholarship on the BWIs has sought to assess the nature and extent of change at the institutions. Chwieroth (: 445) takes a multi‐methods approach and asserts that the layering of new policies onto older ones can be a response to ‘diverse member state preferences’, amongst other factors. Kentikelenis et al.…”

Section: Old Dogs New Tricks?mentioning

confidence: 99%

“…While still asking the same questions of control, power, voice, change and the effects of these institutions, scholars have used innovative methodological tools and theoretical lenses, including network analysis, macro-comparative quantitative analysis and synthesized approaches, such as a synthesis of principal-agent and intra-organizational 2. See, for example, Feinberg and Bacha (1988), Griffin (2003), Helleiner (2006), van dynamics (Copelovitch, 2010;Weaver, 2008;Woods, 2000), as well as rationalist, constructivist and principal-agent theories (Ban and Gallagher, 2014;Chwieroth, 2014;Gallagher, 2015;Grabel, 2015). The most fundamental question being asked is to what extent has the IMF truly changed?…”

Section: Old Dogs New Tricks?mentioning

confidence: 99%

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Strengthening the Foundations? Alternative Institutions for Finance and Development

Kring¹,

Gallagher²

2019

Development and Change

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The 21st century has ushered in the emergence of alternative institutions for liquidity provision and development finance, many of which are Southern‐led. The special issue that follows this Introduction assesses the extent to which existing theoretical perspectives and tools are sufficient for evaluating the implications of these alternatives for the global financial architecture. Our analysis finds that while an increasingly varied landscape of diverse institutions designed to foster financial stability and development comes with inherent risks, these new forms of finance bring real benefits to an architecture that has long been deemed insufficient. Larger and more capable Southern‐led institutions not only mean additional sources of financing for emerging market and developing countries, but also could increase their voice in an international financial architecture long dominated by the most advanced economies. That said, the variation in the landscape could create inequities and fault lines between new and existing institutions, which will be difficult to overcome through the coordination of a fragmented and diverse system. Finally, despite the increases in capital for liquidity provision and development made available by these new institutions, significantly more financing and coordination will be needed to achieve financial stability and economic development on a global scale.

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“…Thus, while the article engages with the organizational dynamics that shape ideational processes in international organizations (Chwieroth , ; Seabrooke and Nilsson ) in order to trace the construction of “cognitive authority” (Broome and Seabrooke ) on financial interconnectedness, the focus here is on the IMF's struggle to adapt this critical concern with the super‐spreaders at developing country level. The article thus contributes to scholarship on the IMF's treatment of transnational finance.…”

Section: Introductionmentioning

confidence: 99%

The IMF's Rethink of Global Banks: Critical in Theory, Orthodox in Practice

Gabor

2014

Governance

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The International Monetary Fund's (IMF) new financial interconnectedness agenda, developed in response to postcrisis calls from G20 to better understand systemic financial institutions, deploys a critical approach that stresses the spatial, political, and institutional dimensions of cross‐border financial networks. It portrays global banks as key nodes in those networks, “super‐spreaders” of systemic risk through complex business models that involve yield search, regulatory and tax arbitrage. Yet this critical view does not translate into its policy advice at country level. In regular surveillance of developing countries, the IMF remains committed to a benign view of transnational banking, even when confronted with growing cross‐border fragilities. During crises of cross‐border banking, the IMF tailors its conditionality to minimize domestic regulatory challenges to cross‐border banking models and to propose crisis measures that create new profit opportunities for transnational banks.

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Controlling Capital: The International Monetary Fund and Transformative Incremental Change from Within International Organisations

Cited by 97 publications

References 49 publications

Austerity versus Stimulus? Understanding Fiscal Policy Change at the International Monetary Fund Since the Great Recession

Austerity versus Stimulus? Understanding Fiscal Policy Change at the International Monetary Fund Since the Great Recession

Strengthening the Foundations? Alternative Institutions for Finance and Development

The IMF's Rethink of Global Banks: Critical in Theory, Orthodox in Practice

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