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Does membership on the UN Security Council influence IMF conditionality?

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Author Info

  • Axel Dreher

    (Georg-August-University Göttingen)

  • Jan-Egbert Sturm

    (ETH Zurich, KOF Swiss Economic Institute)

  • James Raymond Vreeland

    (Georgetown University, Washington, DC)

Abstract

We investigate whether elected members of the United Nations Security Council receive favorable treatment from the International Monetary Fund (IMF), analyzing panel data on the level of conditionality attached to (a maximum of) 314 IMF arrangements with 101 countries over the period of 1992 to 2008. We find a negative relationship: Security Council members receive about 30 percent fewer conditions attached to the loans that they receive from the IMF. We conclude that conditionality is softer for these countries because the major shareholders of the IMF desire influence over the Security Council.

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Bibliographic Info

Paper provided by Courant Research Centre PEG in its series Courant Research Centre: Poverty, Equity and Growth - Discussion Papers with number 36.

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Date of creation: 29 Jun 2010
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Handle: RePEc:got:gotcrc:036

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Keywords: IMF; UN Security Council; Voting; Aid; Conditionality;

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References

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  1. Robert J. Barro & Jong-Wha Lee, 2002. "IMF Programs: Who is Chosen and What Are the Effects?," NBER Working Papers 8951, National Bureau of Economic Research, Inc.
  2. Axel Dreher & Nathan Jensen, 2005. "Independent Actor or Agent? An Empirical Analysis of the impact of US interests on IMF Conditions," KOF Working papers, KOF Swiss Economic Institute, ETH Zurich 05-118, KOF Swiss Economic Institute, ETH Zurich.
  3. World Bank, 2008. "World Development Indicators 2008," World Bank Publications, The World Bank, number 11855, August.
  4. Christopher Kilby, 2006. "Donor influence in multilateral development banks: The case of the Asian Development Bank," The Review of International Organizations, Springer, Springer, vol. 1(2), pages 173-195, June.
  5. Gould, Erica R., 2003. "Money Talks: Supplementary Financiers and International Monetary Fund Conditionality," International Organization, Cambridge University Press, Cambridge University Press, vol. 57(03), pages 551-586, June.
  6. Beck, T.H.L. & Clarke, G. & Groff, A. & Keefer , P. & Walsh, P., 2001. "New tools in comparative political economy: The database of political institutions," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-3125517, Tilburg University.
  7. Graham Bird, 2001. "IMF Programmes: Is there a conditionality Laffer Curve?," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 2(2), pages 29-49, April.
  8. Helge Berger & Jakob de Haan & Jan-Egbert Sturm, 2005. "Which Variables Explain Decisions on IMF Credit? An Extreme Bounds Analysis ," TWI Research Paper Series, Thurgauer Wirtschaftsinstitut, Universität Konstanz 13, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
  9. Alex Mourmouras & Anna Ivanova & George C. Anayotos & Wolfgang Mayer, 2003. "What Determines the Implementation of IMF-Supported Programs?," IMF Working Papers, International Monetary Fund 03/8, International Monetary Fund.
  10. Axel Dreher & Roland Vaubel, 2003. "The Causes and Consequences of IMF Conditionality," International Finance, EconWPA 0309004, EconWPA, revised 17 Oct 2003.
  11. Dreher, Axel & Sturm, Jan-Egbert & Vreeland, James Raymond, 2009. "Global horse trading: IMF loans for votes in the United Nations Security Council," European Economic Review, Elsevier, Elsevier, vol. 53(7), pages 742-757, October.
  12. Beck, Thorsten & Clarke, George & Groff, Alberto & Keefer, Philip & Walsh, Patrick, 2000. "New tools and new tests in comparative political economy - the database of political institutions," Policy Research Working Paper Series 2283, The World Bank.
  13. Axel Dreher, 2004. "A Public Choice Perspective of IMF and World Bank Lending and Conditionality," Public Choice, Springer, Springer, vol. 119(3_4), pages 445-464, 06.
  14. Axel Dreher, 2004. "IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality," TWI Research Paper Series, Thurgauer Wirtschaftsinstitut, Universität Konstanz 1, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
  15. repec:cup:cbooks:9780521816755 is not listed on IDEAS
  16. Przeworski, Adam & Vreeland, James Raymond, 2000. "The effect of IMF programs on economic growth," Journal of Development Economics, Elsevier, Elsevier, vol. 62(2), pages 385-421, August.
  17. Axel Dreher, 2009. "IMF conditionality: theory and evidence," Public Choice, Springer, Springer, vol. 141(1), pages 233-267, October.
  18. Ruben Atoyan & Patrick Conway, 2006. "Evaluating the impact of IMF programs: A comparison of matching and instrumental-variable estimators," The Review of International Organizations, Springer, Springer, vol. 1(2), pages 99-124, June.
  19. James Vreeland, 2006. "IMF program compliance: Aggregate index versus policy specific research strategies," The Review of International Organizations, Springer, Springer, vol. 1(4), pages 359-378, December.
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Cited by:
  1. Silvia Marchesi & Laura Sabani & Axel Dreher, 2009. "Read my lips: the role of information transmission in multilateral reform design," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers, Courant Research Centre PEG 4, Courant Research Centre PEG.
  2. Axel Dreher & James Raymond Vreeland, 2011. "Buying Votes and International Organizations," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers, Courant Research Centre PEG 78, Courant Research Centre PEG.

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