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GOV_298_6 - Regional Monetary Funds Lipscy Phillip Y 2003...

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Regional Monetary Funds? Lipscy, Phillip Y. 2003. Japan's Asian Monetary Fund Proposal. Stanford Journal of East Asian Affairs 3 (1):93-104. http://www.youtube.com/watch?v=HyrTypTRDbk
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“Excellence” interpretation
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Plan Review US vs. Japan preferences on bailouts AMF Regionalism
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Review of “the debate” Most studies find IMF programs lower economic growth Why? The (political economy) LEFT: Bad policy advice The (political economy) RIGHT: Policy advice is ignored IMF lending goes to “strategically important” countries Or just any countries and the IMF doesn’t enforce – bureaucratic story Loans subsidize bad policies and bad governments A “Conditionality” versus “Liquidity” debate (Or “market” vs. “state”)
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My view is nuanced: The average effect of IMF programs on growth: negative Now, sometimes IMF gives good advice & good implementation lead to good outcomes Sometimes policy conditions are completely ignored Sometimes the IMF gives bad advice Sometimes governments pursue “partial reform”
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Executive Without the IMF With the IMF Veto player Accept Reject Payoff to veto player -1 (change policy) 0 (maintain the status quo) - r (reject the IMF) Figure 1: The logic of bringing in the IMF Veto player Accept Reject -1 (change policy) + loan How does bringing in the IMF help push through policy change?
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When does this story apply?
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