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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.

International Political Economy Series ; : 1-27, 2022.
Article in English | Scopus | ID: covidwho-1680561


As the world comes to grips with the devastating economic and public health consequences of the COVID-19 Coronavirus, Southern-led alternative institutions for finance and development seem more important than ever. This volume charts the dramatic change in the global financial and monetary landscape that has unfolded over the last few decades, in particular, through the expansion of Southern-led and Southern-oriented institutions and mechanisms. The change is profound, and it has moreover not stopped;the evolution of the Southern-led financial architecture is likely to continue, as the South not only adapts to changing global economic conditions, but changes them—increasing its role in global economic governance. This book takes stock of some of the most interesting adaptations and institutions led by the South with respect to short-term foreign liquidity and emergency finance. It focuses on common currency areas and payment systems designed to avoid exposure to volatile international currencies and to promote a more resilient pattern of interregional trade;the potential for the newly emergent Sovereign Wealth Funds (SWFs) to play a more developmental role;and, the better known short-term liquidity mechanisms that pool foreign exchange reserves or serve as multilateralized swap arrangements that can provide countercyclical finance or liquidity to member countries, oftentimes more quickly and more generously than the International Monetary Fund (IMF). © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.