Finance Development and the IMF 1st Edition by James Boughton, Domenico Lombardi 019923986X 9780199239863

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ISBN 10: 019923986X

ISBN 13: 9780199239863

Author: James M. Boughton, Domenico Lombardi

This book provides an assessment of the role of the International Monetary Fund in poor countries. In recent years, a large portion of the work of the IMF has focused on the economies of low-income countries by aiming to create conditions conducive to poverty reduction and stable economic growth. More than two fifths of the IMF’s 185 members are low-income countries and many others have substantial pockets of poverty in their populations. Since economic development and the reduction of poverty are the most important economic challenges that these countries face, how can the IMF best help them? How can the imperative of macroeconomic and financial stability be reconciled with the requirements for sustained economic growth? This volume brings together the research of leading economists, political scientists, and historians to suggest ways for the IMF to address these issues effectively

Finance Development and the IMF 1st Table of contents: 

Part I. Introduction

1. The Role of the IMF in Low-Income Countries

I. Introduction

II. History and nature of the role of the IMF in low-income countries

III. IMF policies and financing in low-income countries

IV. The role of low-income member countries in the governance of the IMF

V. Concluding observations

Part II. History and Nature of the Role of the IMF in Low-Income Countries

2. Bretton Woods and the Debate about Development

I. Introduction

II. Bretton Woods

III. The clash of ideas

IV. The sociology of politics

V. Managing the international financial system

VI. Approaching the international system

VII. More than balance of payments

VIII. The first red herring: commodities

IX. The second red herring: reserves

X. Conclusion: the preconditions of policy reform

XI. References

3. Lending to and for the Poor: How the IMF’s Role Has Evolved

I. Introduction

II. Lending to the poor

III. Lending for the poor

IV. Concluding observations

V. References

4. The Case for a Universal Financial Institution

I. The evolution of the IMF and its membership

II. Financial classification of countries

III. The modern role of the IMF

IV. Concluding thoughts

V. References

5. The Role of the IMF in Low-Income Countries: An Institutional Approach

I. Introduction

II. Understanding the role of the IMF in low-income member countries

III. Lending policies for low-income member countries

IV. Challenging aspects of IMF lending policies

V. IMF surveillance

VI. Challenging aspects of IMF surveillance

VII. Concluding remarks

VIII. References

Appendix

Part III. IMF Policies and Financing in Low-Income Countries

6. Financier or Facilitator? The Changing Role of the IMF in Low-Income Countries

I. Introduction

II. IMF arrangements in low-income countries

III. What motivates IMF programs in low-income countries?

IV. Balance of payments strategy in low-income countries: in pursuit of the optimum blend of adjustm

V. Assessing the IMF’s role in pursuing the optimum blend

VI. Relaxing the external financing constraint: the IMF and foreign aid

VII. Is the role of the IMF in low-income countries changing?

VIII. Should the Fund retain an independent financing role in low-income countries?

IX. Concluding remarks

X. References

7. The IMF’s Approach to Macroeconomic Policy in Low-Income Countries

I. Introduction

II. The pros and cons of IMF loans to low-income countries

III. Towards a more flexible macroeconomic approach

IV. Debt sustainability

V. Technical assistance

VI. Conclusion

VII. References

8. Signaling, Aid, and IMF Financial Arrangements for Low-Income Countries

I. Introduction

II. The IMF “seal of approval”: rationale and implications

III. The financing gap

IV. Conclusions

V. References

9. Debt Relief in Low-Income Countries: Background, Evolution, and Effects

I. Introduction

II. What are “debt problems”? And why do they arise?

III. How can debt problems be handled?

IV. The build-up of debt in low-income countries during the 1980s and 1990s: underlying causes

V. The response of creditors to low-income countries’ debt: from rescheduling to relief

VI. Debt relief: the underlying issues applied to low-income countries

VII. The effects of debt relief on low-income countries

VIII. The future of debt policy: the role of the IMF

IX. Concluding remarks

X. References

10. The Role and Performance of the IMF in Aid to Low-Income Countries: Lessons from Evaluation

I. Introduction

II. Accommodation of aid in PRGF program design

III. Forecasting, analysis, and mobilization of aid

IV. PRGF key features

V. External communications

VI. Conclusions and postscript

VII. References

11. Participation in IMF Programs and Income Inequality

I. Introduction

II. Definitions, methodology, and data

III. Cross-sectional income inequality in developing and transition countries

IV. Measuring the intertemporal impact of participation in IMF programs on income inequality

V. Conclusions and extensions

VI. References

Appendix

Part IV. The Role of Low-Income Member Countries in the Governance of the IMF

12. Governance Matters: The IMF and Sub-Saharan Africa

I. Introduction

II. Why does governance matter?

III. Setting priorities: the IMF’s approach to Africa

IV. Implementing policies without responsiveness

V. To whom should the institution be accountable?

VI. References

13. Proposing IMF Reforms for Low-Income Countries

I. Introduction

II. Why do governance reform proposals have less output value to low-income countries?

III. What kinds of reforms would low-income countries benefit from at the IMF?

IV. Why the IMF reform debate is concerned more with governance than with functional reforms

V. References

14. Rethinking the Governance of the International Monetary Fund

I. Introduction

II. Quotas, voice, and Rawls

III. Rawls’s method

IV. The way forward

V. Conclusion

VI. References

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