A Keynesian Revolution or Austerity? The IMF and the COVID-19 Crisis

Metinsoy, Saliha

doi:10.1525/gp.2021.24185

Cited by 5 publications

(2 citation statements)

References 13 publications

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“…As a remedy, Best (2007) calls for greater intellectual pluralism at the Fund and diversity in the recruitment and training of staff members. Recent changes in the Fund's lending arrangements, such as a more sympathetic approach to capital controls and greater space for Keynesian ideas, might signal a change in this regard (Chwieroth, 2014;Clift, 2018;Metinsoy, 2021). Nevertheless, this does not seem to have solved the IMF's legitimacy problems, either.…”

Section: The International Monetary Fund and Its Legitimacy Crisismentioning

confidence: 99%

“Selective Friendship at the Fund”: United States Allies, Labor Conditions, and the International Monetary Fund’s Legitimacy

Metinsoy

2022

PaG

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This article discusses the International Monetary Fund’s recent effort to garner legitimacy by incorporating the reduction of economic inequality in its lending programs. It argues that the impact of the US as a major shareholder on conditionality and geopolitical considerations beyond objective and measurable economic necessities detract from these efforts to expand legitimacy. Using a panel data analysis of International Monetary Fund programs between 1980 and 2013, the article shows that US-allied left-wing governments receive a larger number of labor conditions in their programs compared to non-allied and right-wing governments. The article argues that this is part of left-wing governments’ strategy of maintaining their alliance with the US and demonstrating ideological proximity. In exchange, the US uses its influence to secure fewer conditions in total for its allied governments. This not only shifts the burden of adjustment on labor groups but also harms the Fund’s procedural legitimacy, as conditions are not objectively determined. It also has adverse implications for outcome legitimacy by distorting economic policies and outcomes and increasing income inequality.

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Section: The International Monetary Fund and Its Legitimacy Crisismentioning

confidence: 99%

“Selective Friendship at the Fund”: United States Allies, Labor Conditions, and the International Monetary Fund’s Legitimacy

Metinsoy

2022

PaG

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“…Building on previous work on the role of ideas and imaginaries in political economy (e.g., Abdelal et al, 2010;Cameron & Palan, 2004;De Ville & Siles-Brügge, 2018;Schmidt, 2001;Shiller, 2019;Stanley, 2014;Sum & Jessop, 2013), the article suggests that economic narratives circulated in public discourses can play an important role in the construction of individual preferences towards economic globalization. As previous literature has suggested (e.g., Blyth, 2002;Chwieroth, 2007;Linsi, 2020;Metinsoy, 2021), economic narratives are oftentimes rooted in academic work but get disseminated by think tanks, international organizations, politicians, and the news media who simplify and popularize certain theoretical concepts and ideas among a wider public. Narratives provide readily available scripts and causal expectations that can function as cognitive shortcuts, but also respond to (and make sense of) individuals' economic hopes and anxieties.…”

Section: Introductionmentioning

confidence: 99%

Economic Narratives and the Legitimacy of Foreign Direct Investments

Linsi

2022

PaG

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In the 1990s, the primary focus of the international investment regime shifted from the restriction and regulation towards the promotion and attraction of foreign companies. Dominant accounts in the international political economy literature emphasize the role of interests and institutions in explaining this policy shift but pay little attention to their legitimation. This article argues that transformations in dominant economic discourses—and in particular the rise of the competitiveness narrative—played an important role in granting legitimacy to this U-turn in international economic affairs. To test the argument, the article focuses on the impact of the differential changes in the portrayal of greenfield and mergers and acquisitions (M&A) inward foreign direct investments (IFDI) in economic discourses in the UK before and after the rise of the competitiveness narrative. In line with the theoretical argument, findings indicate that individuals who passed their early adulthood in a period in which the narrative of economic statism was still prevalent hold notably more skeptical views of M&A IFDI even though they are otherwise not more opposed to investments from abroad. A causal mediation analysis lends further empirical support to the argument.

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Twenty-First-Century Crises and the Social Turn of International Financial Institutions

Engström

2023

Hum Rights Rev

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The early twenty-first century will be remembered as a time of constant crisis. These crises have created repeated global states of emergency, revealing gaps, and inadequacies in social protection systems worldwide. Alongside these crises, and as a response to them, social protection has grown into a paradigm of global governance. This development is also noticeable in the practices of the World Bank and the International Monetary Fund. At the heart of all social protection policies is the protection of vulnerable groups. Crises create new vulnerabilities and deteriorate the situation of those already vulnerable. The article explores the social protection endorsement of the World Bank and the International Monetary Fund through the financial crisis and the COVID-19 pandemic. It shows how crises have fueled their social protection endorsement, making protection of vulnerable groups a central outspoken policy preference. The article asks whether the policies adopted in response to the pandemic confirm their social protection commitment and what challenges remain.

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A Keynesian Revolution or Austerity? The IMF and the COVID-19 Crisis

Cited by 5 publications

References 13 publications

“Selective Friendship at the Fund”: United States Allies, Labor Conditions, and the International Monetary Fund’s Legitimacy

“Selective Friendship at the Fund”: United States Allies, Labor Conditions, and the International Monetary Fund’s Legitimacy

Economic Narratives and the Legitimacy of Foreign Direct Investments

Twenty-First-Century Crises and the Social Turn of International Financial Institutions

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