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The Global Financial Crisis and the Reforms to IMF Lending

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The global financial crisis of 2007–09 has spurred a number of reforms to the International Monetary Fund's (IMF) lending toolkit, including the use of ex ante conditionality to make crisis prevention instruments available to member countries. These reforms have led to the creation of new credit lines and the enhancement of High-Access Precautionary Arrangements (HAPAS) in Stand-By Arrangements (SBA). By analyzing the changes to IMF lending, the paper pursues a twofold objective. On the one hand, the analysis assesses the extent of change brought about by the most recent reforms. In other words, the paper attempts to assess what is truly new among the Fund's recent reforms. On the other hand, the paper speculates on the implications of these reforms to the IMF's role as a lender of last resort.
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Document Type: Research Article

Publication date: 01 May 2011

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  • The St Antony's International Review (STAIR) is the only peer-reviewed journal of international affairs at the University of Oxford. Set up by graduate students of St Antony's College in 2005, the Review has carved out a distinctive niche as a cross-disciplinary outlet for research on the most pressing contemporary global issues, providing a forum in which emerging scholars can publish their work alongside established academics and policymakers. Past contributors include Robert O. Keohane, James N. Rosenau, and Alfred Stepan.
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