The IMF, the World Bank, and the Global Economic Crisis: Exploring Paradigm Continuity

Güven, Ali Burak

doi:10.1111/j.1467-7660.2012.01781.x

Cited by 68 publications

(29 citation statements)

References 81 publications

(70 reference statements)

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“…Referring to an IMF study from 2009, researchers concluded that 'the IMF's claim that programmes now "creat[e] policy space" by exhibiting "responsive design and streamlined conditionality"' is not accurate (Kentikelenis et al 2016: 24). Other studies by academics (Gabor 2010;Güven 2012), IOs (Ortiz and Cummins 2013), and nongovernmental organizations (Griffiths and Todoulos 2014;Muchhala 2011;Weisbrot et al 2009) have reached similar conclusions.…”

Section: The Imf Country-level Work and Loan Conditionalitiesmentioning

confidence: 57%

Policy diffusion within international organizations: A bottom-up analysis of International Monetary Fund tax work in Panama, Seychelles, and the Netherlands

Ylönen

2017

WIDER Working Paper

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I analyse the evolution of the International Monetary Fund tax policy advice in three countries commonly used for tax evasion or avoidance: Panama, Seychelles, and the Netherlands. A review of loan agreements and Country Reports covering 1999 to 2017 highlights the dependence of the Fund's country teams on external assessments produced by the Fund's other departments and smaller international organizations. Insofar as the Fund has paid attention to international tax flight, its focus has largely been on individual-level tax evasion instead of corporate tax avoidance. The responses have been inconsistent, with the tax haven regime of Seychelles getting much more attention than Panama and the Netherlands.

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Section: The Imf Country-level Work and Loan Conditionalitiesmentioning

confidence: 57%

Policy diffusion within international organizations: A bottom-up analysis of International Monetary Fund tax work in Panama, Seychelles, and the Netherlands

Ylönen

2017

WIDER Working Paper

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“…In surveying the post‐crisis literature on the World Bank and the IMF for Development and Change , Güven contends that existing literature explains the limited or even non‐existent nature of change in the traditional BWIs by ‘stressing principal–agent relations and intra‐organizational dynamics’ (Güven, : 869). He rightly advocates that scholars should not only focus on the supply or lender side of global economic governance, but also on the demand for loans from borrow countries.…”

Section: Old Dogs New Tricks?mentioning

confidence: 99%

Strengthening the Foundations? Alternative Institutions for Finance and Development

Kring¹,

Gallagher²

2019

Development and Change

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The 21st century has ushered in the emergence of alternative institutions for liquidity provision and development finance, many of which are Southern‐led. The special issue that follows this Introduction assesses the extent to which existing theoretical perspectives and tools are sufficient for evaluating the implications of these alternatives for the global financial architecture. Our analysis finds that while an increasingly varied landscape of diverse institutions designed to foster financial stability and development comes with inherent risks, these new forms of finance bring real benefits to an architecture that has long been deemed insufficient. Larger and more capable Southern‐led institutions not only mean additional sources of financing for emerging market and developing countries, but also could increase their voice in an international financial architecture long dominated by the most advanced economies. That said, the variation in the landscape could create inequities and fault lines between new and existing institutions, which will be difficult to overcome through the coordination of a fragmented and diverse system. Finally, despite the increases in capital for liquidity provision and development made available by these new institutions, significantly more financing and coordination will be needed to achieve financial stability and economic development on a global scale.

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“…In other words, in these cases, state failure is considered to be a far greater problem than the market failures that intervention seeks to correct. This view has not changed dramatically even in light of the 2008 crisis (Guven, ).…”

Section: The Role Of Finance In the Developmental Statementioning

confidence: 99%

Finance and Industrial Policy in Unsuccessful Developmental States: The Case of Pakistan

Naqvi¹

2018

Development and Change

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While a large body of research indicates that state‐directed finance worked for successful East Asian developers, the dominant assumption remains that countries with a weak state capacity, where corruption is rife, should not ‘try this at home’. In this article, that narrative is questioned through a case study of the role of the financial sector in Pakistan, which is widely considered to be a successful case of financial liberalization, contrasting the role of the publicly controlled financial system in the 1970s and 1980s with that of the liberalized financial system in the 2000s. Utilizing archival firm‐level and aggregate data, historic government documents, and interviews with policy makers, financial sector employees and industrialists, it is argued that in the Pakistani case, the withdrawal of state control over the financial sector led to a deterioration of outcomes. This resulted in the allocation of credit away from the productive sectors, namely industry and agriculture, towards unproductive sectors, for speculative purposes; and in the health of the financial sector not improving as expected, with non‐performing loans and corruption remaining a problem, and banks actually becoming a greater burden on government finances. This indicates that even states with weak capacity and flawed industrial policy may be better off with some degree of public control over finance.

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The IMF, the World Bank, and the Global Economic Crisis: Exploring Paradigm Continuity

Cited by 68 publications

References 81 publications

Policy diffusion within international organizations: A bottom-up analysis of International Monetary Fund tax work in Panama, Seychelles, and the Netherlands

Policy diffusion within international organizations: A bottom-up analysis of International Monetary Fund tax work in Panama, Seychelles, and the Netherlands

Strengthening the Foundations? Alternative Institutions for Finance and Development

Finance and Industrial Policy in Unsuccessful Developmental States: The Case of Pakistan

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