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in stabilizing the world economy from the 1960s through 2008"-- … formal international lender of last resort (ILLR) to perform this function for the world economy. Conventional wisdom says … the unique role that the United States has played in stabilizing the world economy in troubled times. "-- …
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In this paper we analyze whether IMF conditionality is exclusively designed in line with observable economic indicators or, alternatively, whether it is partly driven by its major shareholder, the US. A panel data analysis of 206 letters of intent from 38 countries over the period 4/1997-2/2003...
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My discussion of these issues begins with a brief survey of how the disasters unfolded in Thailand, Indonesia, and Korea and how the IMF and other international financial institutions responded. Then I evaluate (in part III) a central element of the IMF "conditionality" that attached to the...
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