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The IMF’s Stand-by Arrangements and the Economic Downturn in Eastern Europe: The Cases of Hungary, Latvia, and Ukraine

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  • Jose Antonio Cordero

Abstract

This paper looks at three countries that have been hard-hit by the world economic recession, and have turned to the IMF for assistance: Hungary, Latvia, and Ukraine. In all of these countries, it would appear that there were more sensible responses to the crisis that would reduce the loss of employment and output, cuts in social services, and political instability that have resulted from the downturn. Instead, the governments’ responses to the downturn as well as IMF conditions for assistance have caused additional harm.

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File URL: http://www.cepr.net/documents/publications/imf-2009-09.pdf
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Bibliographic Info

Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2009-31.

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Length: 32 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:epo:papers:2009-31

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Keywords: IMF; Hungary; Latvia; Ukraine; fiscal policy; monetary policy;

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  1. Jose Antonio Cordero, 2009. "Costa Rica During the Global Recession: Fiscal Stimulus with Tight Monetary Policy," CEPR Reports and Issue Briefs 2009-23, Center for Economic and Policy Research (CEPR).
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Cited by:
  1. Daniela Gabor, 2012. "Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis," Journal of Development Studies, Taylor & Francis Journals, vol. 48(6), pages 714-731, June.
  2. Mark Weisbrot & Rebecca Ray, 2010. "Latvia’s Recession: The Cost of Adjustment With An “Internal Devaluation”," CEPR Reports and Issue Briefs 2010-02, Center for Economic and Policy Research (CEPR).
  3. Daniela Gabor, 2011. "Paradigm shift? A critique of the IMF’s new approach to capital controls," Working Papers 1109, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  4. Mark Weisbrot, 2009. "CEPR Responds to the IMF’s Reply and Defense of Its Policies During the World Recession," CEPR Reports and Issue Briefs 2009-41, Center for Economic and Policy Research (CEPR).

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