The Importance of Being Earnest: The IMF as a Reputational Intermediary

Broome, André

doi:10.1080/13563460802018216

Cited by 30 publications

(22 citation statements)

References 27 publications

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“…In this respect, the IMF effectively sought to operate as a reputational intermediary that could improve the confidence of external creditors in the quality of the economic policy environment in the newly independent postSoviet states, rather than simply a mediator and external policy enforcer in a bargaining game over sovereign debt renegotiations. Through this broader process of interaction and the gradual negotiation of market-oriented policy reforms, the IMF's involvement in structural economic transformation in postcommunist economies influenced their capacity to gain access to other sources The International Monetary Fund 41 of bilateral and multilateral official development assistance, their ability to achieve debt relief through the Paris Club process, and their attractiveness as a destination for private investment (Broome 2008).…”

Section: The Evolution Of the Imf's Crisis Management Rolementioning

confidence: 99%

The International Monetary Fund, crisis management and the credit crunch

Broome¹

2010

Australian Journal of International Affairs

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Section: The Evolution Of the Imf's Crisis Management Rolementioning

confidence: 99%

The International Monetary Fund, crisis management and the credit crunch

Broome¹

2010

Australian Journal of International Affairs

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“…In taking on a central role coordinating the benchmarks of the MDGs the UNDP is also reliant externally on its 'reputational' role (Broome, 2008) which is seen as less constraining than that of the Bretton Woods Institutions in global governance. Internally strategies seeking new sources of material support and partnership have seen the UNDP move more quantitative methods and policy.…”

Section: Resultsmentioning

confidence: 99%

Full faith in credit? The power of numbers in rating frontier sovereigns and the global governance of development by the UNDP

Mühlen-Schulte

2012

J Int Relat Dev

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The United Nations Development Programme (UNDP) is the oldest dedicated development institution in the multilateral system, yet remains one of the smallest in terms of funding and resources. This belies its central role in contributing to rankings, benchmarks and ratings which have defined the process of development for states, non-government organisations and the private sector. The UNDP created the Human Development Index (HDI), coordinates the benchmarks of the Millennium Development Goals (MDGs) and recently devised sovereign credit ratings in partnership with Standard and Poor's. In this regard mobilising numbers in support of development strategies is not new, yet it will be argued that the UNDPs development policy has seen a significant shift from the qualitative analysis of the HDI to the quantitative nature of credit rating. This paper will adopt a governmentality approach in looking at sovereign credit rating and the way in which the power of numbers informs the rationality underpinning the partnership between the UNDP and the rating agency Standard and Poor's. It concludes that while pursuing sovereign credit rating may be seen as 'capacity development' for the UNDP, it in fact represents a shift by the organisation toward quantitative practices that have particular consequences for the global governance of development.

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“…Possible candidates are political power-wrestling, policy capture, and commitment strategies on the part of political authorities to voluntarily 'tie their hands' (Broome 2008). Second, we have relied on a rather limited sample of three cases to advance, substantiate, and illustrate our central argument.…”

Section: Resultsmentioning

confidence: 99%

“…An interesting twist lies in the argument that borrowing countries utilize IMF assistance to signal economic soundness to investors (Bird 2002;Broome 2008;Marchesi and Thomas 1999). While accounting for individual countries in crisis lending, this strand overlooks the role of economics blocs, such as the EU.…”

Section: The Conventional Wisdom: the Imf As A Tough Policy Enforcermentioning

confidence: 99%

The European Rescue of the Washington Consensus? EU and IMF Lending to Central and Eastern European Countries

Luetz¹,

Kranke

2010

SSRN Journal

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The latest global financial crisis has allowed the International Monetary Fund (IMF) a spectacular comeback. But despite its notorious reputation as a staunch advocate of restrictive economic policies, the Fund has displayed less preference for austerity in recent crisis lending. Though widely welcomed as overdue, the IMF's shift away from what John Williamson coined the 'Washington Consensus' was met with resistance from the European Union (EU) where it concerned Central and Eastern European (CEE) countries. The situation of hard-hit Hungary, Latvia, and Romania propelled unprecedented cooperation between the IMF and the EU, in which the EU has very actively promoted orthodox measures in return for loans. We argue that this represents a European rescue of the Washington Consensus. The case of Latvia is paradigmatic for the profound disagreements between an austeritydemanding EU and a less austere IMF. The IMF's stance contradicts conventional wisdom about the organization as the guardian of economic orthodoxy. To solve this puzzle, we shed light on three complementary factors of (non)learning that have shaped the EU's relations vis-à-vis CEE borrowing countries in comparison to the IMF's: (1) a disadvantageous institutional setting; (2) vociferous creditor coalitions; (3) the precarious eurozone project.

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The Importance of Being Earnest: The IMF as a Reputational Intermediary

Cited by 30 publications

References 27 publications

The International Monetary Fund, crisis management and the credit crunch

The International Monetary Fund, crisis management and the credit crunch

Full faith in credit? The power of numbers in rating frontier sovereigns and the global governance of development by the UNDP

The European Rescue of the Washington Consensus? EU and IMF Lending to Central and Eastern European Countries

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