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Global Governance ; 28(4):562-586, 2022.
Article in English | Scopus | ID: covidwho-2194437


Promoting stability is a core component of the International Monetary Fund (IMF) surveillance's mandate. The Covid-19 pandemic hit almost every country worldwide. This article evaluates whether and how the IMF surveillance documents in the aftermath of the health and economic crisis have identified risks and mitigation measures to improve health outcomes, protect vulnerable people and firms, and address climate change. Through the IMF COVID-19 Surveillance Monitor, a textual analysis index, the authors found that these issues received relatively little attention in Article IV consultations in 2019, with fiscal issues dominating the discussion. However, the consultations conducted in 2020 show some timely incremental shifts and more attention toward health systems and protecting vulnerable matters. While climate change has become a key part of senior IMF official narratives, it has not had a significant presence in surveillance activities. The techniques and indices developed here can help the IMF improve its surveillance policy. © 2022 Copyright 2022 by Koninklijke Brill NV, Leiden, The Netherlands.

Journal of Globalization and Development ; 2022.
Article in English | Scopus | ID: covidwho-2054447


In 2009, the International Monetary Fund (IMF) reformed its lending arrangements and conditionality. Thereafter, it has pursued "parsimony,"emphasizing headline fiscal adjustments rather than detailed budgetary changes. This paper analyzes the extent to which these reforms have resulted in changes to the overall austerity required by IMF agreements. We create a new variable measuring the level of fiscal consolidation required in each IMF program from 2001 through 2021 the IMF Fiscal Adjustment Indicator (IMF FAI). We explore whether IMF austerity eased after the financial crisis and the later COVID-19 pandemic. We also estimate the economic and political determinants that help explain varying levels of IMF austerity across IMF programs during this period. We find that IMF conditions were less austere for the years of 2009 and 2020, but quickly returned to their previous levels, echoing the IMF's advice to "keep the receipts"during crises. However, these temporary relaxations were not statistically significant, pointing to overarching continuity. We find that countries that were granted relatively more lenient conditionality were found to be those with closer relations with major shareholders of the IMF: Western Europe and the United States. In contrast, countries with close diplomatic relations with China face higher IMF austerity. © 2022 Walter de Gruyter GmbH, Berlin/Boston 2022.

Review of Keynesian Economics ; 10(3):348-354, 2022.
Article in English | Scopus | ID: covidwho-1994344


The International Monetary Fund (IMF) provides a global public good when it lends emer-gency balance-of-payments support to countries that otherwise could not access such financing at comparable terms. No country borrows from the IMF lightly, and only does so as a last resort in the face of an economic crisis. In exchange for IMF lending, governments sur-render some sovereignty, self-determination of their economic policies, and implicitly admit that the government, on its own, could not manage the travails through which it is going. A lesser-known but also costly trade-off is that the IMF imposes significant surcharges – akin to the penalty rates imposed by banks – on countries with large borrowings from the IMF that are not paid back within a relatively short time. Indeed, IMF surcharges are pro-cyclical financial penalties imposed on countries precisely at a time when they can least afford them. This brief note examines the economic implications of the surcharges from a global distributive perspective. In so doing, the authors stress the need to eliminate excessive surcharges in the COVID-19 era and call for a more fundamental reform of IMF financing. © 2022 Edward Elgar Publishing Ltd.

Southern-Led Development Finance: Solutions from the Global South ; : 1-301, 2020.
Article in English | Scopus | ID: covidwho-946098


Southern-Led Development Finance examines some of the innovative new south-south financial arrangements and institutions that have emerged in recent years, as countries from the Global South seek to transform their economies and to shield themselves from global economic turbulence. Even before the Covid-19 crisis, it was clear to many that the global economy needed a reset and a massive increase in public investment. In the last decade southern-owned development banks, infrastructure funds, foreign exchange reserve funds and Sovereign Wealth Funds have doubled the amount of long-term finance available to developing countries. Now, as the world considers what a post-Covid-19 future will look like, it is clear that Southern-led institutions will do much of the heavy lifting. This book brings together insights from theory and practice, incorporating the voices of bankers, policymakers and practitioners alongside international academics. It covers the most significant new initiatives stemming from Asia, tried and tested examples in Latin America and in Africa, and the contribution of advanced economies. Whilst the book highlights the potential for Southern-led initiatives to change the global financial landscape profoundly, it also shows their varied impacts and concludes that more is needed for development than just the technical availability of funds. As governments and businesses become frustrated by the traditional North-dominated mechanisms and international financial system, this book argues that southern-led development finance will play an important role in the search for more inclusive, equitable and sustainable patterns of investment, trade and growth in the post-Covid landscape. It will be of interest to practitioners, policy makers, researchers and students working on development and finance everywhere. © 2021 selection and editorial matter, Diana Barrowclough, Kevin P. Gallagher and Richard Kozul-Wright;individual chapters, the contributors.