Not Your Grandfather’s IMF: Global Crisis, ‘Productive Incoherence’ and Developmental Policy Space (significantly revised)
This is substantially revised and updated version of a paper that was first published as a PERI Working Paper in August 2010.The response by the IMF (and developing country national governments) to the current global financial crisis represents a moment of what I term “productive incoherence” that has displaced the constraining “neoliberal coherence” of the past several decades. Productive incoherence refers to the proliferation of inconsistent and even contradictory strategies and statements by the IMF that to date have not congealed into any sort of new, organized regime. Those who see continuity at the IMF emphasize the reassertion of the IMF’s authority; the reiteration of pro-cyclical policy adjustment; and the maintenance of existing governance patterns within the institution. In contrast, evidence of discontinuity includes a world now populated by increasingly autonomous states in the South; the normalization of capital controls; and Fund conditionality programs that are inconsistent in key respects. In the face of this evidence, it is best to understand the current conjuncture as an “interregnum” that is pregnant with new development possibilities.
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- Nicolas Magud & Carmen M. Reinhart, 2007.
"Capital Controls: An Evaluation,"
in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 645-674
National Bureau of Economic Research, Inc.
- Nicolas Magud & Carmen M. Reinhart, 2006. "Capital Controls: An Evaluation," NBER Working Papers 11973, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Magud, Nicolas, 2007. "Capital controls: An evaluation," MPRA Paper 14097, University Library of Munich, Germany.
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"How Effective Are Capital Controls?,"
Journal of Economic Perspectives,
American Economic Association, vol. 13(4), pages 65-84, Fall.
- M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
- Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2011.
"Capital Controls: Myth and Reality - A Portfolio Balance Approach,"
NBER Working Papers
16805, National Bureau of Economic Research, Inc.
- Nicolas E. Magud E. & Carmen M. & Kenneth S. Rogoff, 2011. "Capital Controls: Myth and Reality--A Portfolio Balance Approach," Working Paper Series WP11-7, Peterson Institute for International Economics.
- Kristin J. Forbes, 2005. "Capital Controls: Mud in the Wheels of Market Efficiency," Cato Journal, Cato Journal, Cato Institute, vol. 25(1), pages 153-166, Winter.
- Akira Ariyoshi & Andrei Kirilenko & Inci Ã–tker & Bernard Laurens & Jorge IvÃ¡n Canales Kriljenko & Karl Friedrich Habermeier, 2000. "Capital Controls; Country Experiences with Their Use and Liberalization," IMF Occasional Papers 190, International Monetary Fund.
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