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The Review of International Organizations
Published in: The Review of International Organizations 3/2016

23-07-2016 | Book Review

Graham Bird and Dane Rowlands. 2016. The International Monetary Fund: Distinguishing Reality from Rhetoric (Northampton, MA: Edward Elgar)

Author: Ayse Kaya

Published in: The Review of International Organizations | Issue 3/2016

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Excerpt

With The International Monetary Fund: Distinguishing Reality from Rhetoric, Bird and Rowlands, through extensive empirical analysis backed by theoretical insights, try to dispel images of the IMF as either a handmaiden of financial interests looking to bail out creditors or an indiscriminate dispenser of austerity in borrowing countries. The book consists of four chapters based on previously published articles, two chapters of new research, and a framing Introduction plus Conclusion. The chapters focus on: IMF quotas (Chapter 2), the different types of IMF lending arrangements (Chapter 3), the aggregate view of IMF lending (Chapter 4), the determinants of participation in IMF programs (Chapter 5, new research), the implementation of IMF programs and their effects on economic growth (Chapters 6 and 7), and IMF lending’s catalytic effects (Chapter 8, new research). …
previous article Hylke Dijkstra. 2016. International Organizations and Military Affairs (London: Routledge)
next article Erratum to: William Phelan. 2015. In place of inter-state retaliation: The European Union’s rejection of WTO-style trade sanctions (Oxford: Oxford University Press)

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Footnotes
1
A rather stable finding, however, is the expectedly negative relationship between global economic growth and IMF lending.
 
2
In Chapter 3, for instance, IMF arrangements up to only 2000 are included in the analysis.
 
3
My word choice of international politics is explained by the fact that the authors account for domestic politics, such as the presence of veto players (Chapter 6), and that the question here concerns undue great power influence.
 
4
In contrast, the reviews of the literature on the implementation of IMF programs and IMF programs and economic growth (respectively, in Chapters 6 and 7) are outstanding.
 
5
The chapter’s empirical tests rest on a dependent variable that measures whether or not a country signed a conditional program (p. 96–97).
 
6
While the IMF’s Investment Account was authorized in 1978 by the Second Amendment to its Articles of Agreement, it was not activated until 2006 (IMF 2014). The IMF’s ability to use gold in its operations is limited and hinges upon the Executive Board’s approval through a special majority, and the members need to permit the usage of their quotas in investment ventures.
 
Literature
IMF (2014). IMF financial operations. In Washington. D.C.: International Monetary Fund.
Kaya, A. (2015). Power and global economic institutions. Cambridge: Cambridge University Press.CrossRef
Stone, R. (2011). Controlling institutions: international organizations and the global economy. Cambridge: Cambridge University Press.CrossRef
Metadata
Title
Graham Bird and Dane Rowlands. 2016. The International Monetary Fund: Distinguishing Reality from Rhetoric (Northampton, MA: Edward Elgar)
Author
Ayse Kaya
Publication date
23-07-2016
Publisher
Springer US
Published in
The Review of International Organizations / Issue 3/2016
Print ISSN: 1559-7431
Electronic ISSN: 1559-744X
DOI
https://doi.org/10.1007/s11558-016-9257-9

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