By Mark S. Copelovitch
ISBN-10: 0521143586
ISBN-13: 9780521143585
ISBN-10: 0521194334
ISBN-13: 9780521194334
The explosive progress and lengthening complexity of worldwide monetary markets are defining features of the modern global financial system. regrettably, monetary globalization has been followed through a marked raise within the frequency and severity of monetary crises. The overseas financial Fund (IMF) has taken a principal function in dealing with those crises via its loans to constructing international locations. regardless of wide research and feedback of the IMF lately, key questions stay unanswered. Why does the Fund deal with a few nations extra generously than others? To what quantity is IMF lending pushed by means of political components instead of monetary issues? In whose pursuits does the IMF act? during this booklet, Mark Copelovitch bargains novel solutions to those questions. Combining statistical research with precise case experiences, he demonstrates how the politics and guidelines of the IMF have advanced during the last 3 a long time based on primary alterations within the composition of overseas capital flows.
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31 This book’s findings strongly suggest that these approaches are complementary, and that we cannot explain international organizations’ behavior without considering the interests and influence of both sets of actors. Moreover, the book provides concrete, testable hypotheses about the sources of these actors’ preferences, as well as an explanation as to how and why these preferences change over time in response to developments in the global economy. 33 30 31 33 See, for example, Hawkins et al.
Htm). 26 The IMF in the Global Economy accurately explain variation in Fund lending policies without also considering the interests of these other powerful states, as well as the extent to which their interests are in harmony or confl ict with those of the US. 72 Similarly, J. Lawrence Broz and Michael Hawes (2006) separately measure the bank exposure of each of the G-5 countries in their study. Neither of these approaches, however, addresses the problem of preference heterogeneity among the IMF’s largest shareholders.
These loans are designed to enable a borrower country to continue servicing its external debt while simultaneously undertaking policy adjustments designed to ensure longer-term debt sustainability and to generate economic growth. IMF programs are intended to be a short-term substitute for private capital flows: Fund borrowers are expected to repay their IMF loans in due course and eventually resume borrowing on global financial markets. Although all the Fund’s member states are eligible for IMF financing, the primary borrowers since the 1970s have been middle-income developing countries (“emerging markets”) such as Argentina, Mexico, and Turkey.
The International Monetary Fund in the Global Economy: Banks, Bonds, and Bailouts by Mark S. Copelovitch
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