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OverviewWith the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility , Randall Stone develops a systematic approach to answering this question. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country. Stone begins by building a formal, game-theoretic model on lending credibility, which he then subjects to sophisticated quantitive testing on original data from 26 countries over the 1990s and interview-based case studies on negoitations between the IMF and Russia, Ukraine, Poland and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countires, such as Poland and Bulgaria. However, where US foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This er Full Product DetailsAuthor: Randall W. StonePublisher: Princeton University Press Imprint: Princeton University Press Dimensions: Width: 15.20cm , Height: 2.50cm , Length: 23.50cm Weight: 0.567kg ISBN: 9780691095288ISBN 10: 0691095280 Pages: 312 Publication Date: 14 July 2002 Audience: Professional and scholarly , College/higher education , Professional & Vocational , Tertiary & Higher Education Format: Hardback Publisher's Status: Out of Print Availability: Out of stock  Language: English Table of ContentsList of Figures xi List of Tables xiii List of Acronyms xv Preface xix 1. Introduction 1 1.1 The Strategy of Transition: Inflation and Democracy 6 1.2 What Would We Like the IMF to Do? 10 I Models and Data 13 2. A Formal Model of Lending Credibility 15 2.1 The Model 21 2.2 The Equilibrium 22 2.3 Hypotheses Derived from the Formal Model 26 2.4 Conclusions 27 Appendix: A Formal Model of Lending Credibility 29 3. Studying IMF Effectiveness 39 3.1 Previous Research 39 3.2 Critiques Raised in the Literature 46 3.3 New Critiques 48 3.4 Research Design 49 3.5 Conclusions 58 4. An Empirical Test of the Model 59 4.1 Models of IMF Lending Decisions 60 4.2 Covariates of the Duration of Punishment Intervals 61 4.3 Covariates of Program Suspensions 67 4.4 Models of Policy Variables 73 4.5 Conclusions 84 II History 87 5. Poland 89 5.1 The Balcerowicz Plan 90 5.2 The Extended Fund Facility 99 5.3 The Second Stand-by Agreement 106 5.4 Poland's Turn to the Left 109 5.5 Conclusions 114 6. Russia 116 6.1 The Window of Opportunity Closes: 1992 118 6.2 The First Stand-by Agreement, July 1992 120 6.3 The Systemic Transformation Facility: May 1993 126 6.4 The STF Renewal, April 1994 128 6.5 The Second Stand-by Arrangement, April 1995 136 6.6 The Extended Fund Facility, February, 1996 138 6.7 The Third Stand-by, July 1998 153 6.8 The Fourth Stand-by, July 1999 158 6.9 Conclusions 164 7. Ukraine 169 7.1 From Hyperinflation to Market Reform, 1992-1994 170 7.2 The Systemic Transformation Facility, 1994 177 7.3 The First Stand-by, 1995 179 7.4 The Second Stand-by, 1996 183 7.5 The Third Stand-by, 1997 190 7.6 The Extended Fund Facility, 1998 196 7.7 Conclusions 207 8. Bulgaria 209 8.1 False Starts, 1990-1994 210 8.2 The Origins of the Crisis, 1995-1996 217 8.3 Consolidation under the Currency Board 227 8.4 Conclusions 231 9. Conclusion 233 9.1 Research Design 234 9.2 Policy Implications 239 Appendixes 243 A. Data 245 B. Statistical Methods 250 B.1 Multiple Imputation 250 B.2 Duration Models 254 C. List of Interviews 262 Bibliography 266 Index 279ReviewsAn excellent book containing objective and largely convincing analysis that is accessible to a large audience. -- Michael V. Alexeev The Russian Review Author InformationRandall W. Stone is Associate Professor of Political Science at the University of Rochester. He is the author of Satellites and Commissars (Princeton). Tab Content 6Author Website:Countries AvailableAll regions |
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