The Global Financial Crisis and the Reforms to IMF Lending
Abstract: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.
Document Type: Research Article
Publication date: 2011-05-01
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