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CEPR Responds to the IMF’s Reply and Defense of Its Policies During the World Recession

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  • Mark Weisbrot

Abstract

This paper is part of a discussion between CEPR and the International Monetary Fund (IMF) regarding CEPR’s paper, “IMF-Supported Macroeconomic Policies and the World Recession: A Look at Forty-One Borrowing Countries.” An IMF representative presented a response to that paper at an October 15, 2009 event in Washington D.C., in remarks and a power point presentation. The earlier CEPR paper examined IMF agreements with 41 countries during the current global recession and found that 31 of the 41 countries had implemented pro-cyclical policies – for example cutting spending or tightening monetary policy -- that would be expected to exacerbate an economic downturn. This new discussion paper responds to the IMF's defense of its policies.

Suggested Citation

  • 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).
    • Handle: RePEc:epo:papers:2009-41
    as

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    File URL: http://www.cepr.net/documents/publications/imf-response-2009-10.pdf
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
    2. 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).
    3. 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).
    4. David Rosnick & Mark Weisbrot, 2007. "Political Forecasting? The IMF's Flawed Growth Projections for Argentina and Venezuela," CEPR Reports and Issue Briefs 2007-10, Center for Economic and Policy Research (CEPR).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    ;

    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

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