2011 Review Of Conditionality Overview Paper

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Growth And Adjustment In Imf Supported Programs

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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-09

Growth And Adjustment In Imf Supported Programs written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-09 with Business & Economics categories.

This evaluation assesses how well IMF-supported programs helped to sustain economic growth while delivering adjustment needed for external viability over the period 2008–19. The evaluation finds that the Fund’s increasing attention to growth in the programs has delivered some positive results. Specifically, it does not find evidence of a consistent bias towards excessive austerity in IMF-supported programs. Indeed, programs have yielded growth benefits relative to a counterfactual of no Fund engagement and boosted post-program growth performance. Notwithstanding these positive findings, program growth outcomes consistently fell short of program projections. Such shortfalls imply less protection of incomes than intended, fuel adjustment fatigue and public opposition to reforms, and jeopardize progress towards external viability. The evaluation examines how different policy instruments were applied to support better growth outcomes while achieving needed adjustment. Fiscal policies typically incorporated growth-friendly measures but with mixed success. Despite some success in promoting reforms and growth, structural conditionalities were of relatively low depth and their potential growth benefits were not fully realized. Use of the exchange rate as a policy tool to support growth and external adjustment during programs was quite limited. Lastly, market debt operations were useful in some cases to restore debt sustainability and renew market access, yet sometimes were too little and too late to deliver the intended benefits. The evaluation concludes that the IMF should seek to further enhance program countries’ capacity to sustain activity while undertaking needed adjustment during the program and to enhance growth prospects beyond the program. Following this conclusion, the report sets out three recommendations aimed at strengthening attention to growth implications of IMF-supported programs, including the social and distributional consequences.

The Imf And The European Debt Crisis

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Author : Harold James
language : en
Publisher: International Monetary Fund
Release Date : 2024-01-05

The Imf And The European Debt Crisis written by Harold James and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-05 with Business & Economics categories.

The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported adjustment programs in Greece, Ireland, Portugal, and Cyprus as well as helping to monitor Spain’s adjustment program and exploring modalities for supporting Italy. Additionally, it analyzes how the euro area developments interacted with and affected the rest of Europe, including not only eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism—in the form of “Brexit” from the European Union—was, in the end, the most extreme. The IMF’s European programs embroiled the Fund in numerous controversies over the exceptionally large lending, over whether or not to impose losses on private creditors, and over the mix between external financing and internal adjustment undertaken by program countries. They also required the IMF to confront longstanding questions about its governance and evenhandedness in the treatment of different segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because it feared that such a program–even if ultimately in the interests of Greece, the client country–would trigger a panic of banks and other creditors and thus generate contagion for the rest of Europe. Learning from the Greek case, in Ireland and Portugal, the IMF pushed for debt reduction, to which the government in Ireland but not in Portugal was sympathetic. There was thus no private sector debt reduction in Ireland and Portugal. The European programs were caught up in big geopolitical debates about the appropriate role of the Fund in the aftermath of the global financial crisis. The book examines the intellectual and policy shifts that took place in the IMF as a result of the controversies about its European programs. It concludes with some reflections on how all the programs also produced genuine policy reform and held out the possibility of a return to growth and prosperity.

Oecd Multi Level Governance Studies Rethinking Regional Development Policy Making

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2018-04-06

Oecd Multi Level Governance Studies Rethinking Regional Development Policy Making written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-06 with categories.

This report takes stock of discussions between academics and country practitioners on opportunities to improve the design and delivery of regional development policies in a series of seminars organised during 2017 by the OECD and the European Commission. What can governments do to enhance ...

Accountability Transparency And Democracy In The Functioning Of Bretton Woods Institutions

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Author : Elena Sciso
language : en
Publisher: Springer
Release Date : 2017-07-04

Accountability Transparency And Democracy In The Functioning Of Bretton Woods Institutions written by Elena Sciso and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-04 with Law categories.

This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”

Background Papers On The Imf And The Crises In Greece Ireland And Portugal

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Author : Moisés J. Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30

Background Papers On The Imf And The Crises In Greece Ireland And Portugal written by Moisés J. Schwartz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-30 with Business & Economics categories.

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

You Never Give Me Your Money Sovereign Debt Crises Collective Action Problems And Imf Lending

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Author : Mr.Marco Committeri
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-22

You Never Give Me Your Money Sovereign Debt Crises Collective Action Problems And Imf Lending written by Mr.Marco Committeri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-22 with Business & Economics categories.

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012.

Governance Of The European Monetary Union

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Author : Erik Jones
language : en
Publisher: Routledge
Release Date : 2018-02-05

Governance Of The European Monetary Union written by Erik Jones and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-05 with Political Science categories.

The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

Review Of Facilities For Low Income Countries

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-26

Review Of Facilities For Low Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-26 with Business & Economics categories.

The 2009 reforms have broadly achieved their objective of closing gaps and creating a streamlined architecture of facilities that is better tailored to the diverse needs of LICs. Supported by the financing package to boost the PRGT’s lending capacity for 2009–14 and the accompanying doubling of access, the Fund was able to mount an effective response to LICs’ needs during the global financial crisis.

Handbook Of Global Economic Governance

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Author : Manuela Moschella
language : en
Publisher: Routledge
Release Date : 2013-12-17

Handbook Of Global Economic Governance written by Manuela Moschella and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-17 with Reference categories.

Since the summer of 2007, the world scenario has been dominated by the US sub-prime mortgage crisis and its repercussions on global financial markets and economic growth. As banks around the world wrote down their losses and governments intervened to rescue domestic financial institutions, financial distress severely hit the real economy leading to what has been widely defined as the worst recession since the 1930s. Under these conditions, along with the immediate concern for stemming the effects of the crisis, policy-makers around the world have been debating the long-term measures that have to be adopted in order to reduce the likelihood of future crises and to ensure stable economic growth. Although this debate has not yet produced significant transformations, it indicates a renewed concern about the institutional architecture that is meant to govern the global economic and financial system. This book tackles the issue of what the governance of the global economic and financial system looks like and what the prospects for its reform are. Specifically, the book will address the following three main themes: Governance: What is governance in the international economic system? What forms does it take? How did it come about? How can we study it?; Functions of governance: What are the functions of global economic governance? Who performs them? What are the rules and mechanisms that make global governance possible? Problems and prospects of governance: What are the problems in global economic governance? Is there a trade-off between legitimacy and efficiency? What are the prospects for reform of global economic governance in the aftermath of the global financial crisis? This book will: _ Provide a thorough analysis of the issues at stake in designing international rules and institutions able to govern the global economy; _ Illustrate and analyze virtually all the main institutions, rules, and arrangements that make up global economic governance, inscribing them within the function these institutions, rules, and arrangements are meant to perform; _ Discuss the problems that affect today’s global economic governance and assess alternative proposals to reform the international financial architecture.

When Things Don T Fall Apart

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Author : Ilene Grabel
language : en
Publisher: MIT Press
Release Date : 2019-08-06

When Things Don T Fall Apart written by Ilene Grabel and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-06 with Business & Economics categories.

An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis. In When Things Don't Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on global financial governance and developmental finance. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel's chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. Grabel draws on key theoretical commitments of Albert Hirschman to cement the case for the productivity of incoherence. Inspired by Hirschman, Grabel demonstrates that meaningful change often emerges from disconnected, erratic, experimental, and inconsistent adjustments in institutions and policies as actors pragmatically manage in an evolving world. Grabel substantiates her claims with empirically rich case studies that explore the effects of recent crises on networks of financial governance (such as the G-20); transformations within the IMF; institutional innovations in liquidity support and project finance from the national to the transregional levels; and the “rebranding” of capital controls. Grabel concludes with a careful examination of the opportunities and risks associated with the evolutionary transformations underway.