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The International Monetary Fund, Crisis Management and the Credit Crunch
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Broome, André (2010) The International Monetary Fund, Crisis Management and the Credit Crunch. Australian Journal of International Affairs, Vol. 64 (No. 1). pp. 37-54. doi:10.1080/10357710903460006 ISSN 1465-332X.
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Official URL: http://dx.doi.org/10.1080/10357710903460006
Abstract
The International Monetary Fund (IMF) has become one of the most controversial international institutions in history. The IMF's crisis management responsibilities expanded via its involvement with a series of international economic crises during the last three decades, which led to widespread calls for radical reform of the organisation in the aftermath of the emerging market crises of the 1990s. This article examines the IMF's initial response to managing the effects of the global credit crunch, focusing on the new round of large IMF loans approved in late 2008 and early 2009, to assess how much IMF lending policies have changed in practice compared with earlier international crisis episodes. While the organisation has continued to promote conventional loan policy targets aimed at achieving low inflation, low budget deficits, and sustainable public debt, the preliminary evidence also suggests the IMF is developing a more flexible approach to crisis management in borrowing member states. Changes include a greater tolerance for unorthodox policies such as short-term capital controls, greater differentiation in the treatment of borrowers based on their economic circumstances, easier access to precautionary IMF financing for prime borrowers, and more flexibility in the use of loan conditionality.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation Faculty of Social Sciences > Politics and International Studies |
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| Journal or Publication Title: | Australian Journal of International Affairs | ||||
| Publisher: | Taylor and Francis | ||||
| ISSN: | 1465-332X | ||||
| Official Date: | 2010 | ||||
| Dates: |
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| Volume: | Vol. 64 | ||||
| Number: | No. 1 | ||||
| Page Range: | pp. 37-54 | ||||
| DOI: | 10.1080/10357710903460006 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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