The IMF's Unmet Challenges
Bibliographic Data
| ID | 4029352 |
|---|---|
| Authors | Barry Eichengreen (0000-0002-1683-4486, Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, California.), Ngaire Woods (0000-0002-2513-3171, University of Oxford) |
| Year | 2016 |
| Volume | 30 |
| Issue | 1 |
| Pages | 29-52 |
| Publication date | 2016-02-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.30.1.29 |
| OpenAlex | W2260758338 |
| Language | EN |
| Citations received | 2 |
| References cited | 15 |
The International Monetary Fund is a controversial institution whose interventions regularly provoke passionate reactions. We will argue that there is an important role for the IMF in helping to solve information, commitment, and coordination problems with significant implications for the stability of national economies and the international monetary and financial system. In executing these functions, the effectiveness of the IMF, like that of a football referee, depends on whether the players see it as competent and impartial. We will argue that the Fund's perceived competence and impartiality, and hence its effectiveness, are limited by its failure to meet four challenges-concerning the quality of it's surveillance (of individual countries, groups of countries, and the global system); the relevance of conditionality in loan contracts; the utility of the Fund's approach to debt problems; and the Fund's failure to adopt a system of governance that gives appropriate voice to different stakeholders. These problems of legitimacy will have to be addressed in order for the IMF to play a more effective role in the 21st century
Business · Conditionality · Corporate governance · Debt · Developing country · Economic growth · Economics · Financial institution · Good governance · Impartiality · Institution · Legitimacy · Loan · Political science · Global Financial Crisis and Policies · Global Financial Regulation and Crises · International Development and Aid · Law · Finance
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Distinguished Lecture on Economics in Government-Exchange Rate Regimes
| Citations per year | 0.67 |
|---|---|
| Citation span | 2023 - 2024 (2) |
| Highly cited | No |