Compliance, defiance, and the dependency trap: International Monetary Fund program interruptions and their impact on capital markets

نویسندگان

چکیده

The International Monetary Fund (IMF) is infamous for its structural adjustment programs, requiring countries to undertake policy reforms in exchange loans. Yet, not only do routinely fail implement these reforms, but they also frequently return the IMF start process anew. What explains this compelling case of transnational regulatory ineffectiveness? We argue that are caught a dependency trap: politically contentious prescriptions drive non-compliance, triggering adverse market reactions leave with few sources financing beyond IMF, leading their eventual doors organization fresh loan. Using new data on 763 programs from 1980 2015, we initially demonstrate prevalence market-liberalizing increases likelihood program interruptions. then show interruptions undermine investor confidence and increase sovereign borrowing costs. Our study uncovers hitherto neglected relationships between international institutions capitalism, country compliance, financial responses.

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

the impact of attending efl classes on the level of depression of iranian female learners and their attributional complexity

می توان گفت واقعیت چند لایه ا ی کلاس های زبان انگلیسی بسیار حائز اهمیت است، زیرا عواطف و بینش های زبان آموزان تحت تاثیر قرار می گیرد. در پژوهش پیش رو، گفته می شود که دبیران با در پیش گرفتن رویکرد فرا-انسانگرایی ، قادرند در زندگی دانش آموزانشان نقش مهمی را ایفا سازند. بر اساس گفته ی ویلیامز و بردن (2000)، برای کرل راجرز، یکی از بنیان گذاران رویکرد انسانگرایی ، یادگیری بر مبنای تجربه، نوعی از یاد...

Impact of International Monetary Fund programs on child health.

Parental education is located at the center of global efforts to improve child health. In a developing-country context, the International Monetary Fund (IMF) plays a crucial role in determining how governments allocate scarce resources to education and public health interventions. Under reforms mandated by IMF structural adjustment programs, it may become harder for parents to reap the benefits...

متن کامل

the wall street complex, international monetary fund and washington consensus

“occupy wall street” movement which has aimed the heart of the global financial capitalist system enjoys a special significance in the perspective of social-economic- political, human rights (work force), moral and cultural heritage of nations and can be considered as a symbol of work force economic jihad in national and global level in order to realize justice and socio-economic equality. but ...

متن کامل

leadership styles of tefl instructors at gilan university and their effects on the students attitudes and motivation

the subjects of the study are only the tefl teachers and students at gilan university. to obtain the desired data, a questionnaire which was based on the theories and disecussions gathered, was used as the main data gathering instrument. to determine the degree of relationship between variables, covariance and pearson product moment correlation coefficient were the formulas applied. the data we...

15 صفحه اول

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Regulation & Governance

سال: 2021

ISSN: ['1748-5991', '1748-5983']

DOI: https://doi.org/10.1111/rego.12422