IMF Lending in Times of Crisis: Political Influences and Crisis Prevention

Presbitero, Andrea F.; Zazzaro, Alberto

doi:10.1016/j.worlddev.2012.04.009

Cited by 34 publications

(27 citation statements)

References 94 publications

(132 reference statements)

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“…Despite the IMF's greater acceptance of the temporary use of capital controls by borrowers facing a high risk of capital flight, the existing literature remains divided over the extent to which changes in IMF conditionality since the onset of the Great Recession substantiate a transformational shift in the organization's policy paradigm (Grabel ; Joyce ; Lütz and Kranke ; Presbitero and Zazzaro ). The IMF has reformed its loan programs and how conditionality is applied for borrowers with strong macroeconomic policy track records.…”

Section: Continuity and Change In Imf Policy Advice To Borrowersmentioning

confidence: 99%

“…Accepting the use of capital controls by borrowers such as Iceland in 2008 and Cyprus in 2013 represents a significant move away from the IMF's championing of capital account liberalization as a global policy norm during the 1990s (Gallagher 2014;Leiteritz and Moschella 2010;Moschella 2010). Despite the IMF's greater acceptance of the temporary use of capital controls by borrowers facing a high risk of capital flight, the existing literature remains divided over the extent to which changes in IMF conditionality since the onset of the Great Recession substantiate a transformational shift in the organization's policy paradigm (Grabel 2011;Joyce 2012;Lütz and Kranke 2014;Presbitero and Zazzaro 2012). The IMF has reformed its loan programs and how conditionality is applied for borrowers with strong macroeconomic policy track records.…”

Section: Continuity and Change In Imf Policy Advice To Borrowersmentioning

confidence: 99%

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Back to Basics: The Great Recession and the Narrowing of IMF Policy Advice

Broome

2014

Governance

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Abstract:This article contributes to the literature on the dynamics of change and continuity in the International Monetary Fund's (IMF's) policy paradigm. The IMF embarked on a process of 'streamlining conditionality' during the 2000s, but many observers have argued that the IMF's policy paradigm from the 1990s remains intact. This article examines whether the scope of the IMF's policy advice to borrowers during the Great Recession narrowed in comparison with its advice to borrowers during the heyday of the Washington consensus in the 1980s and 1990s. The article uses qualitative content analysis to establish the frequency of a series of policy dialogue indicators in four sample sets of countries requesting IMF stand-by arrangements (SBAs) over three decades. The evidence suggests that contemporary IMF policy advice to borrowers continues to stress the importance of fiscal consolidation, with reduced emphasis on promoting the structural economic reforms associated with the Washington consensus era.

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Section: Continuity and Change In Imf Policy Advice To Borrowersmentioning

confidence: 99%

Section: Continuity and Change In Imf Policy Advice To Borrowersmentioning

confidence: 99%

Back to Basics: The Great Recession and the Narrowing of IMF Policy Advice

Broome

2014

Governance

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“…Dreher and Jensen (2007) have also established a statistical relationship between G7 voting at the UN General Assembly and IMF conditionality. Similarly, Presbitero et al (2012) found that during the global financial crisis from 2007 to 2010, the IMF tended to allocate more toward countries where G7 multinationals and financial systems were exposed.…”

Section: Powerful Statesmentioning

confidence: 94%

The Politics of IMF Lending

Breen¹

2013

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“…Indeed, the ILO and World Bank, which are often tasked with responding to these crises (Presbitero & Zazzaro, 2012), have made some effort toward gathering more comprehensive data on how states and labor groups responded to the 2008 financial crisis (ILO/World Bank, 2012;Tajgman, Saget, Elkin, & Gravel, 2011).…”

Section: Predicted Value Of Labor Rightsmentioning

confidence: 99%