Download Governing Risk: The IMF and Global Financial Crises by M. Moschella PDF
By M. Moschella
With the consequences of the newest monetary obstacle nonetheless unfolding, this is a timely consultant to the politics of foreign monetary reform evaluating the rules that the foreign group asked the IMF to keep on with within the aftermath of the Mexican, Asian, and subprime difficulty.
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Extra info for Governing Risk: The IMF and Global Financial Crises
47), for instance, found that ‘the creation of most ... forms of conditionality can be traced to the IMF staff and the intellectual equipment they use,’ rather than to the pressures of powerful states. Similarly, Catherine Weaver (2008b) has shown that the introduction of gender issues in the development agenda of the World Bank is largely attributed to internal advocates rather than to preferences of member states. Hence, IMF staff are policy entrepreneurs that elaborate new ideas and promote their ideas, trying to shape other actors’ interests in ways that reflect their normative commitments (Finnemore and Sikkink, 1998, p.
In other words, countries’ resistance to the IMF’s activities, in the form of both formal opposition during the negotiations or refusal to accept the IMF’s approach in the conduct of domestic monetary policy, would have undermined the process of policy change. The second constituency is made up of academic economists and the economics profession at large. This constituency is particularly relevant to the IMF’s activities because of the close links between IMF staff members and the profession. As has been widely recognized, IMF staff members are primarily recruited from the economics profession and their educational background significantly shapes the organization’s policies (Barnett and Finnemore, 2004, ch.
If one economic strategy fails, policy makers try another. If it works, policy makers stick with it. Take, for instance, the ideas on economic development embodied in the Washington consensus. 17 Given the possibility of ideational evolution, it is necessary to recognize that even the sponsors of an idea can change over time. For instance, IMF staff members were the sponsors of the idea of orderly liberalization in the first half of the 1990s. As the idea was transformed into that of market-led liberalization, however, sponsorship shifted to regulatory and private-sector circles The second assumption suggests that the influence of ideas does not only vary over time but also across actors.