The purpose of this thesis is to examine the impact of International Monetary Fund (IMF) loans since the adoption of the governance mandate on overall government capability. The study will explore whether the presence of IMF loans in developing countries enhances state capacity. Administrative...

This paper proposes a low cost alternative to the large bailout packages that the International Monetary Fund (IMF) has organized to address financial crises. The IMF would act as a lender of last resort. Faced with an unsustainable debt burden, a government would declare default. It would...

At the end of World War II, the United States emerged as a world leader, putting into place international institutions based on its own liberal economic philosophy. Since then, the world has witnessed an increasing interconnectedness among states, with economic relationships continually blurring...

In a luncheon speech at the AEA meeting on January 3, 1999, Stanley Fischer argued the case, in a reformed international financial system for ?an agency that will act as lender of last resort for countries facing a crisis.? He asserts that there is a need for such an agency and ?that the IMF is...

Having lost its Bretton Woods role as a regulator of exchange rates and source of short-term balance-of-payments assistance, the IMF has since been an organization in search of a reason for it to exist. Had it been content to serve its members by keeping records of their monetary and economic...

Testimony Prepared for Joint Economic Committee February 24, 1998

This Article, a sequel to earlier articles by the author on financial regulation and global finance, retrieves and updates J. M. Keynes’s original International Clearing Union plan for what ultimately became the International Monetary Fund (“IMF,” “Fund”).  Its motives are not...

This dissertation examines the effects of neoliberal economic policies in Latin America in 25 years (the 1970-1995 period), focusing especially on macroeconomic stabilization under IMF support and on IMF and World Bank structural adjustment lending, where the debate centers on the effect of...

Diversification, a buzzword in the Middle East for much of the past two decades can only be likened to the phrase “dependence on foreign oil” used by American politicians during US elections. And indeed much like the latter has been mentioned by every president since Richard Nixon, it seems...

Multinational enterprises (MNEs) from Spain made large foreign direct investments (FDIs) in Latin America between 1990 and 2002, making Spain the second largest direct investor in this region since 1998, behind the United States. This dissertation explains the reasons that led Spanish firms to...