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Money Talks: Supplementary Financiers and International Monetary Fund Conditionality

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  • Gould, Erica R.
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    Abstract

    What explains the changes in International Monetary Fund (IMF) conditionality? I argue that IMF conditionality agreements are influenced by supplementary financiers. The IMF regularly relies on external financing to supplement its loans to countries facing payments imbalances. As a result, these supplementary financiers are able to exercise leverage over the IMF and the design of its conditionality programs. I consider the influence of one type of supplementary financier, private financial institutions, on IMF conditionality. Conclusions are supported by a data set of 249 conditionality arrangements, coded according to their terms, and two case studies. Many thanks to Judy Goldstein, Steve Krasner, and Tom Willett for reading multiple versions of this article and providing incisive, constructive comments each time. I am also grateful to David Andrews, Timothy Bei, Stephen Haber, Peter Henry, Simon Jackman, Jeff Legro, Lisa Martin, John Owen, Louis Pauly, Herman Schwartz, Jim Vreeland, and two external reviewers for helpful comments on earlier drafts. Errors are entirely my own. Many thanks also to the staff of the International Monetary Fund archives who generously assisted me in my research. I also gratefully acknowledge support from the University of Virginia and the following Stanford University sources: the Graduate School of Business, the Graduate Research Opportunity program, the Admiral and Mrs. John E. Lee Fund of the Social Science History Institute, and the O Bie Schultz Fellowship in International Studies from the Institute for International Studies.

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    Bibliographic Info

    Article provided by Cambridge University Press in its journal International Organization.

    Volume (Year): 57 (2003)
    Issue (Month): 03 (June)
    Pages: 551-586

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    Handle: RePEc:cup:intorg:v:57:y:2003:i:03:p:551-586_57

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    Cited by:
    1. David Felix, 2003. "The Past as Future? The Contribution of Financial Globalization to the Current Crisis of Neo-Liberalism as a Development Strategy," Working Papers wp69, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Martin Steinwand & Randall Stone, 2008. "The International Monetary Fund: A review of the recent evidence," The Review of International Organizations, Springer, vol. 3(2), pages 123-149, June.
    3. Songying Fang & Erica Owen, 2011. "International institutions and credible commitment of non-democracies," The Review of International Organizations, Springer, vol. 6(2), pages 141-162, July.
    4. Breßlein, Martin & Schmaljohann, Maya, 2013. "Surrender your market! Do the G5 countries use World Bank Trade Conditionality to promote Trade?," Working Papers 0550, University of Heidelberg, Department of Economics.
    5. Jean-Pierre Allegret & Philippe Dulbecco, 2007. "The institutional failures of International Monetary Fund conditionality," The Review of International Organizations, Springer, vol. 2(4), pages 309-327, December.
    6. James Vreeland, 2006. "IMF program compliance: Aggregate index versus policy specific research strategies," The Review of International Organizations, Springer, vol. 1(4), pages 359-378, December.
    7. Thomas Barnebeck Andersen & Thomas Harr & Finn Tarp, 2004. "On US politics and IMF Lending," Discussion Papers 04-11, University of Copenhagen. Department of Economics.
    8. Jérôme Sgard, 2004. "IMF in Theory: Sovereign Debts, Judicialisation and Multilateralism," Sciences Po publications 2004-21, Sciences Po.
    9. J. Broz, 2011. "The United States Congress and IMF financing, 1944–2009," The Review of International Organizations, Springer, vol. 6(3), pages 341-368, September.
    10. Hicks, Robert L. & Parks, Bradley C. & Tierney, Michael J., 2005. "Explaining the Allocation of Bilateral and Multilateral Environmental Aid to Developing Countries," 2005 Annual meeting, July 24-27, Providence, RI 19346, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. J. Broz, 2008. "Congressional voting on funding the international financial institutions," The Review of International Organizations, Springer, vol. 3(4), pages 351-374, December.
    12. David Felix, 2003. "The Past as Future? The Contribution of Financial Globalization to the Current Crisis of Neo-Liberalism as a Development Strategy," Development and Comp Systems 0310002, EconWPA.
    13. Timothy McKeown, 2009. "How U.S. decision-makers assessed their control of multilateral organizations, 1957–1982," The Review of International Organizations, Springer, vol. 4(3), pages 269-291, September.

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