an Analysis of the Debate to Keep, Reform or Abolish the Fund /
First Statement of Responsibility
Imad A. Moosa and Nisreen Moosa.
.PUBLICATION, DISTRIBUTION, ETC
Place of Publication, Distribution, etc.
Cham, Switzerland :
Name of Publisher, Distributor, etc.
Palgrave Macmillan,
Date of Publication, Distribution, etc.
[2019]
PHYSICAL DESCRIPTION
Specific Material Designation and Extent of Item
1 online resource
INTERNAL BIBLIOGRAPHIES/INDEXES NOTE
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Includes bibliographical references and index.
CONTENTS NOTE
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Intro; Preface; Contents; Abbreviations; List of Figures; List of Tables; Chapter 1: The IMF at Face Value; 1.1 Introduction; 1.2 Origin and Growth; 1.3 Surveillance; 1.4 Financial Assistance; 1.5 Capacity Development; 1.6 Special Drawing Rights; 1.7 Governance and Organisation; 1.8 The International Monetary System Pre- and Post-IMF; The Classical Gold Standard; The Inter-War Period; The Bretton Woods System; The Present System; 1.9 Concluding Remarks; Appendix: Taxonomy of Exchange Rate Arrangements; Exchange Arrangements with No Separate Legal Tender; Currency Board
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2.7 The Sixth Commandment: Trade Liberalisation2.8 The Seventh Commandment: Liberalisation of Inward FDI; 2.9 The Eighth Commandment: Privatisation of State Enterprises; 2.10 The Ninth Commandment: Deregulation; 2.11 The Tenth Commandment: Legal Security for Property Rights; 2.12 Concluding Remarks; References; Chapter 3: Conditionality and Structural Adjustment Programmes; 3.1 The Tyranny of Conditionality and SAPs; 3.2 Currency Devaluation; 3.3 Austerity; 3.4 Restructuring of Foreign Debt; 3.5 Free-Market Pricing; 3.6 Improving Governance and Fighting Corruption
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3.7 Enhancing the Rights of Foreign Investors Vis-à-Vis National Law3.8 Financialisation; 3.9 Arguments Against Conditionality and SAPs; 3.10 Concluding Remarks; References; Chapter 4: The IMF as an Instigator of Riots and Civil Unrest; 4.1 The IMF Riots; 4.2 The Stiglitz Four-Step Process; 4.3 Examples of IMF-Instigated Riots; Argentina; Bolivia; Brazil; Colombia; Costa Rica; Ecuador; Honduras; Kenya; Malawi; Nigeria; Paraguay; South Africa; Zambia; 4.4 Another Set of IMF Riots; Tunisia and Morocco; Egypt; Jordan; Sudan; 4.5 Concluding Remarks; References
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Chapter 5: The Effects of IMF Operations on Social Expenditure5.1 Introduction; 5.2 The View of the IMF; 5.3 The Opposing Views; 5.4 The Debate; 5.5 The Empirical Evidence; 5.6 Concluding Remarks; References; Chapter 6: Keep, Reform or Abolish?; 6.1 Introduction; 6.2 Keeping the IMF; 6.3 Reforming the IMF; 6.4 Abolishing the IMF: Take One; 6.5 Abolishing the Fund: Take Two; A Force for Good?; The Macroeconomic and Welfare Effects of IMF Operations; Long-Term IMF Dependence; Support of Dictatorships; Moral Hazard; Inappropriate Loan Conditions; Conditionality Compliance and Enforcement
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Other Conventional Fixed Peg ArrangementsPegged Exchange Rates with Horizontal Bands; Crawling Peg; Exchange Rates with Crawling Bands; Managed Floating with No Pre-announced Path for the Exchange Rate; Independent Floating; References; Chapter 2: The Washington Consensus; 2.1 The Ten Commandments; 2.2 The First Commandment: Fiscal Policy Discipline; 2.3 The Second Commandment: Redirection of Public Spending; 2.4 The Third Commandment: Tax Reform; 2.5 The Fourth Commandment: Market-Determined Interest Rates; 2.6 The Fifth Commandment: Maintaining "Competitive" Exchange Rates
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SUMMARY OR ABSTRACT
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This book offers a concise but thorough analysis of the International Monetary Fund reform debate. Since the advent of the Asian financial crisis in the late 1990s, a lengthy deliberation has ensued over whether the IMF should be reformed, abolished, or left as is. The authors approach this debate from a normative perspective while looking at arguments from all sides, as well as reflecting on the history, functions, and ideology of the IMF. This unique approach gives weight to the authors' perspectives and their conclusion that the IMF ultimately does more harm than good. Written to analyze and contribute to the current IMF debate, this Palgrave Pivot is a must-read for scholars and policymakers invested in the conversation surrounding IMF reform.--