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The Lending Arrangements Of The Imf In European Union In Times Of Crisis – Characteristics And Evolutions

Listed author(s):
  • ORASTEAN Ramona

    (Lucian Blaga University of Sibiu, Romania)

Registered author(s):

    This paper focuses on the lending arrangements of the IMF in EU countries during crisis period. First, we reviewed the literature regarding IMF-supported programs in times of crisis. On the other hand, we provided a description of the IMF arrangements in EU countries in 2008-2013. We found that these programs differ in type, duration, amount and conditionality, but not significantly in their key objectives (achieving sustainable public finances and ensuring financial sector stability).

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    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/9112orastean.pdf
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    Article provided by Lucian Blaga University of Sibiu, Faculty of Economic Sciences in its journal Studies in Business and Economics.

    Volume (Year): 9 (2014)
    Issue (Month): 1 (April)
    Pages: 134-141

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    Handle: RePEc:blg:journl:v:9:y:2014:i:1:p:134-141
    Contact details of provider: Postal:
    Lucian Blaga University of Sibiu, Faculty of Economic Sciences Dumbravii Avenue, No 17, postal code 550324, Sibiu, Romania

    Phone: 004 0269 210375
    Fax: 004 0269 210375
    Web page: http://economice.ulbsibiu.ro/
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    1. Allan Drazen, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," IMF Staff Papers, Palgrave Macmillan, vol. 49(Special i), pages 36-67.
    2. Buira, Ariel, 1983. "IMF financial programs and conditionality," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 111-136.
    3. Barkbu, Bergljot & Eichengreen, Barry & Mody, Ashoka, 2012. "Financial crises and the multilateral response: What the historical record shows," Journal of International Economics, Elsevier, vol. 88(2), pages 422-435.
    4. Hutchison, Michael M. & Noy, Ilan, 2003. "Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 991-1014, December.
    5. Zlata Hajro & Joseph Joyce, 2009. "A true test: do IMF programs hurt the poor?," Applied Economics, Taylor & Francis Journals, vol. 41(3), pages 295-306.
    6. Stephen Grenville, 2004. "The IMF and the Indonesian crisis," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 40(1), pages 77-94.
    7. Marchesi, Silvia & Sabani, Laura, 2007. "IMF concern for reputation and conditional lending failure: Theory and empirics," Journal of Development Economics, Elsevier, vol. 84(2), pages 640-666, November.
    8. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
    9. Boughton, James M, 2000. "From Suez to Tequila: The IMF as Crisis Manager," Economic Journal, Royal Economic Society, vol. 110(460), pages 273-291, January.
    10. Anna Visvizi, 2012. "The crisis in Greece and the EU-IMF rescue package: Determinants and pitfalls," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 62(1), pages 15-39, March.
    11. Dreher, Axel & Rupprecht, Sarah M., 2007. "IMF programs and reforms -- inhibition or encouragement?," Economics Letters, Elsevier, vol. 95(3), pages 320-326, June.
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    13. Julio A. Santaella, 1996. "Stylized Facts before IMF-Supported Macroeconomic Adjustment," IMF Staff Papers, Palgrave Macmillan, vol. 43(3), pages 502-544, September.
    14. Drazen, Allan, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," CEPR Discussion Papers 3562, C.E.P.R. Discussion Papers.
    15. Dicks-Mireaux, Louis & Mecagni, Mauro & Schadler, Susan, 2000. "Evaluating the effect of IMF lending to low-income countries," Journal of Development Economics, Elsevier, vol. 61(2), pages 495-526, April.
    16. Stanley Fischer, 2003. "Financial crises and reform of the international financial system," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 139(1), pages 1-37, March.
    17. Burcu Eke & Ali M. Kutan, 2009. "Are International Monetary Fund Programs Effective?: Evidence from East European Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 47(1), pages 5-28, January.
    18. Barro, Robert J. & Lee, Jong-Wha, 2005. "IMF programs: Who is chosen and what are the effects?," Journal of Monetary Economics, Elsevier, vol. 52(7), pages 1245-1269, October.
    19. Abbott, Philip & Andersen, Thomas Barnebeck & Tarp, Finn, 2010. "IMF and economic reform in developing countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(1), pages 17-26, February.
    20. Takatoshi ITO, 2007. "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 16-49.
    21. Jose Antonio Cordero, 2009. "The IMF’s Stand-by Arrangements and the Economic Downturn in Eastern Europe: The Cases of Hungary, Latvia, and Ukraine," CEPR Reports and Issue Briefs 2009-31, Center for Economic and Policy Research (CEPR).
    22. Mark Weisbrot & Jose Cordero & Luis Sandoval, 2009. "Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?," CEPR Reports and Issue Briefs 2009-15, Center for Economic and Policy Research (CEPR).
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