IDEAS home Printed from https://ideas.repec.org/p/epo/papers/2009-37.html
   My bibliography  Save this paper

IMF-Supported Macroeconomic Policies and the World Recession: A Look at Forty-One Borrowing Countries

Author

Listed:
  • Mark Weisbrot
  • Rebecca Ray
  • Jake Johnston
  • Jose Antonio Cordero

Abstract

This paper finds that 31 of 41 of countries with current International Monetary Fund (IMF) agreements have been subjected to pro-cyclical macroeconomic policies that, during the current global recession, would be expected to have exacerbated economic slowdowns.

Suggested Citation

  • Mark Weisbrot & Rebecca Ray & Jake Johnston & Jose Antonio Cordero, 2009. "IMF-Supported Macroeconomic Policies and the World Recession: A Look at Forty-One Borrowing Countries," CEPR Reports and Issue Briefs 2009-37, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2009-37
    as

    Download full text from publisher

    File URL: http://www.cepr.net/documents/publications/imf-2009-10.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dean Baker, 2002. "The Run-up in Home Prices: A Bubble," Challenge, Taylor & Francis Journals, vol. 45(6), pages 93-119.
    2. Dean Baker & Rivka Deutsch, 2009. "The State and Local Drag on the Stimulus," CEPR Reports and Issue Briefs 2009-17, Center for Economic and Policy Research (CEPR).
    3. 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).
    4. 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).
    5. David Rosnick, 2009. "Troubled Assets: The IMF's Latest Projections for Economic Growth in the Western Hemisphere," CEPR Reports and Issue Briefs 2009-16, Center for Economic and Policy Research (CEPR).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alexander E. Kentikelenis & Thomas H. Stubbs & Lawrence P. King, 2016. "IMF conditionality and development policy space, 1985–2014," Review of International Political Economy, Taylor & Francis Journals, vol. 23(4), pages 543-582, July.
    2. Mark Weisbrot & Rebecca Ray, 2011. "The Scorecard on Development, 1960-2010: Closing the Gap?," CEPR Reports and Issue Briefs 2011-09, Center for Economic and Policy Research (CEPR).
    3. Howard Stein, 2012. "The Neoliberal Policy Paradigm and the Great Recession," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(4), pages 421-440, September.
    4. Weisbrot, Mark. & Jorgensen, Helene., 2013. "Macroeconomic policy advice and the article IV consultations comparative overview of European Union member states," ILO Working Papers 994855133402676, International Labour Organization.
    5. Antonio Mele & Radoslaw Stefanski, 2019. "Velocity in the Long Run: Money and Structural Transformation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 393-410, January.
    6. José Antonio Ocampo, 2015. "Resolution of balance of payments crises: Emergency financing and debt Workouts," WIDER Working Paper Series 011, World Institute for Development Economic Research (UNU-WIDER).
    7. repec:ilo:ilowps:485513 is not listed on IDEAS
    8. Antonio Mele & Radoslaw Stefanski, 2019. "Velocity in the Long Run: Money and Structural Transformation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 393-410, January.
    9. Amrita Chhachhi & Matías Vernengo & Kirsten Ford, 2014. "Everything Must Change so that the IMF Can Remain the Same: The World Economic Outlook and the Global Financial Stability Report," Development and Change, International Institute of Social Studies, vol. 45(5), pages 1193-1204, September.
    10. Ilene Grabel, 2012. "Financial Architectures and Development: Resilience, Policy Space, and Human Development in the Global South (revised June 2012)," Working Papers wp281_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
    11. Matti Ylönen, 2017. "Policy diffusion within international organizations: A bottom-up analysis of International Monetary Fund tax work in Panama, Seychelles, and the Netherlands," WIDER Working Paper Series wp-2017-157, World Institute for Development Economic Research (UNU-WIDER).
    12. Elisa Van Waeyenberge & Hannah Bargawi & Terry McKinley, 2013. "The IMF, Crises and Low-Income Countries: Evidence of Change?," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 69-90, January.
    13. José Antonio Ocampo, 2017. "Resetting the International Monetary (Non)System," Books, Red Investigadores de Economía, number 2017-11, May.
    14. Matti Ylönen, 2017. "Policy diffusion within international organizations: A bottom-up analysis of International Monetary Fund tax work in Panama, Seychelles, and the Netherlands," WIDER Working Paper Series 157, World Institute for Development Economic Research (UNU-WIDER).
    15. Jafri, Juvaria, 2014. "Should we be Austere? A Normative look at Public Debt," MPRA Paper 63337, University Library of Munich, Germany.
    16. Chiara Piovani & Nursel Aydiner-Avsar, 2015. "The Gender Impact of Social Protection Policies: A Critical Review of the Evidence," Review of Political Economy, Taylor & Francis Journals, vol. 27(3), pages 410-441, July.
    17. José Antonio Ocampo, 2015. "Resolution of balance of payments crises: Emergency financing and debt workouts," WIDER Working Paper Series wp-2015-011, World Institute for Development Economic Research (UNU-WIDER).
    18. Ilene Grabel, 2015. "The rebranding of capital controls in an era of productive incoherence," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 7-43, February.
    19. Mark Weisbrot, 2013. "Economic growth: the great slowdown (1980-2000) and recovery (2000-2010)," Chapters, in: Jeannette Wicks-Lim & Robert Pollin (ed.), Capitalism on Trial, chapter 6, Edward Elgar Publishing.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. ORASTEAN Ramona, 2014. "The Lending Arrangements Of The Imf In European Union In Times Of Crisis – Characteristics And Evolutions," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 9(1), pages 134-141, April.
    2. 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).
    3. Roy, Saktinil & Kemme, David M., 2012. "Causes of banking crises: Deregulation, credit booms and asset bubbles, then and now," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 270-294.
    4. 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.
    5. Michal Jurek & Pawel Marszalek, 2014. "Subprime mortgages and the MBSs in generating and transmitting the global financial crisis," Working papers wpaper40, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Khan, Haider, 2013. "Global Financial Governance: Towards a New Global Financial Architecture for Averting Deep Financial Crises," MPRA Paper 49275, University Library of Munich, Germany.
    7. Dirk J. Bezemer, 2012. "Modelos contables y comprensión de la crisis financiera," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 14(26), pages 47-76, January-J.
    8. Dirk J. Bezemer, 2011. "Who Predicted the Crisis and What Can We Learn from Them?," Chapters, in: Óscar Dejuán & Eladio Febrero & Maria Cristina Marcuzzo (ed.), The First Great Recession of the 21st Century, chapter 1, Edward Elgar Publishing.
    9. Ryan Fox & Peter Tulip, 2014. "Is Housing Overvalued?," RBA Research Discussion Papers rdp2014-06, Reserve Bank of Australia.
    10. Ali Hepsen & Mehmet Asici & Olgun Aydin, 2017. "Efficient Use of Capital: Paradox of Real Estate and Industry in Turkey," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(8), pages 221-228, August.
    11. Alan S. Blinder, 2014. "Federal Reserve Policy Before, During, and After the Fall," Book Chapters, in: Martin Neil Baily & John B. Taylor (ed.), Across the Great Divide: New Perspectives on the Financial Crisis, chapter 5, Hoover Institution, Stanford University.
    12. David M. Kemme & Saktinil Roy, 2012. "Did the Recent Housing Boom Signal the Global Financial Crisis?," Southern Economic Journal, Southern Economic Association, vol. 78(3), pages 999-1018, January.
    13. Gunther Tichy, 2010. "War die Finanzkrise vorhersehbar?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(4), pages 356-382, November.
    14. Peter C. B. Phillips & Jun Yu, 2011. "Dating the timeline of financial bubbles during the subprime crisis," Quantitative Economics, Econometric Society, vol. 2(3), pages 455-491, November.
    15. Khan, Haider, 2013. "Basel III, BIS and Global Financial Governance," MPRA Paper 49513, University Library of Munich, Germany.
    16. Susanne L�tz & Matthias Kranke, 2014. "The European rescue of the Washington Consensus? EU and IMF lending to Central and Eastern European countries," Review of International Political Economy, Taylor & Francis Journals, vol. 21(2), pages 310-338, April.
    17. Mark Davidson & Kevin Ward, 2022. "Post-great recession municipal budgeting and governance: A mixed methods analysis of budget stress and reform," Environment and Planning A, , vol. 54(4), pages 634-652, June.
    18. Yang Hu & Les Oxley, 2017. "Exuberance in British Share Prices during the Railway Mania of the 1840s: Evidence from the Phillips, Shi and Yu Test," Working Papers in Economics 17/09, University of Waikato.
    19. John Harvey, 2010. "Keynes’ Business Cycle: Animal Spirits and Crisis," Working Papers 201003, Texas Christian University, Department of Economics.
    20. Hirota, Shinichi & Suzuki-Löffelholz, Kumi & Udagawa, Daisuke, 2020. "Does owners’ purchase price affect rent offered? Experimental evidence," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).

    More about this item

    Keywords

    IMF;

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F - International Economics
    • F3 - International Economics - - International Finance
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • O - Economic Development, Innovation, Technological Change, and Growth
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:epo:papers:2009-37. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/ceprdus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.