Leseprobe
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Lending Credibility
Randall W. Stone
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Sozialwissenschaften, Recht, Wirtschaft / Politikwissenschaft
Beschreibung
With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country.
Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.
Kundenbewertungen
Pyramid scheme, Austerity, Currency board, Ruble, Tax holiday, International Monetary Fund, Real versus nominal value (economics), Capital control, Capital flight, Monetary policy, Finance, Pigovian tax, Speculation, Communist Party of the Russian Federation, Creative accounting, Government bond, Recession, Currency crisis, Internal devaluation, Liberalization, Monetarism, Credit crunch, Inflation targeting, Tight Monetary Policy, Economy of Russia, Fiscal adjustment, Financial crisis, Indexation, Inflation, Budget, Foreign direct investment, New Economic Policy, Structural adjustment, Too big to fail, Government debt, Microeconomic reform, High-yield debt, Macroeconomics, Capital market, Devaluation, Subsidy, Tax reform, Privatization, Investment, Price controls, Economic planning, Exchange rate, Export restriction, Debt overhang, Boris Yeltsin, Restructuring, Credit rationing, Economy of Ukraine, Bribery, Fiscal policy, Tranche, Interest rate, Central bank, Russian financial crisis (2014–present), Tax, Yegor Gaidar, Credibility, North American Free Trade Agreement, Budget crisis, Currency, Investor, Credit (finance), Economic policy, 1997 Asian financial crisis, Economics