Lagged Learning and the Response to Equilibrium Shock

The Global Financial Crisis and IMF Surveillance

Datos Bibliográficos

ID7322982
AutoresManuela Moschella (0000-0002-3159-9533, University of Trento, autor de correspondencia)
Año2011
Volumen31
Número2
Páginas121-141
Fecha de publicación2011-06-29
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaJournal of Public Policy (JOURNAL)
Identificadores de la revistaISSN: 0143-814X • E-ISSN: 1469-7815
EditorialCambridge University Press (CUP) (PUBLISHER)
DOI10.1017/s0143814x11000043
OpenAlexW2117714718
IdiomaEN
Citas recibidas28
Referencias citadas23

The paper investigates the changes to the Fund's bilateral surveillance policy in the wake of the global financial crisis of 2007–09 asking about the factors that caused the quick and deep shift to a systemic surveillance approach. In answering this question, the paper argues that the causes of the quick and deep transformation of IMF surveillance lie in the preceding two decades of incremental accumulation of knowledge and small transformations in policy instruments and organizational practices. In identifying the causes of present policy choices in the lessons drawn from past experience, the paper provides an example of lagged learning because the lessons drawn from the 1990s emerging market crises exerted their full impact only as a response to the global financial crisis. These findings therefore contribute to the literature that aims at showing the importance of temporality and process sequencing to explain policy change

Business · Economics · Financial crisis · Financial system · Macroeconomics · Political science · Shock (circulatory · Temporality · Global Financial Crisis and Policies · International Development and Aid · Social Policy and Reform Studies