Understanding the consequences of IMF surcharges: the need for reform

IF 1.8 3区 经济学 Q2 ECONOMICS Review of Keynesian Economics Pub Date : 2022-01-01 DOI:10.4337/roke.2022.03.03
J. Stiglitz, K. Gallagher
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引用次数: 2

Abstract

The International Monetary Fund (IMF) provides a global public good when it lends emer-gency balance-of-payments support to countries that otherwise could not access such financing at comparable terms. No country borrows from the IMF lightly, and only does so as a last resort in the face of an economic crisis. In exchange for IMF lending, governments sur-render some sovereignty, self-determination of their economic policies, and implicitly admit that the government, on its own, could not manage the travails through which it is going. A lesser-known but also costly trade-off is that the IMF imposes significant surcharges – akin to the penalty rates imposed by banks – on countries with large borrowings from the IMF that are not paid back within a relatively short time. Indeed, IMF surcharges are pro-cyclical financial penalties imposed on countries precisely at a time when they can least afford them. This brief note examines the economic implications of the surcharges from a global distributive perspective. In so doing, the authors stress the need to eliminate excessive surcharges in the COVID-19 era and call for a more fundamental reform of IMF financing. © 2022 Edward Elgar Publishing Ltd.
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理解IMF附加费的后果:改革的必要性
国际货币基金组织(货币基金组织)向无法以可比条件获得紧急国际收支支持的国家提供紧急国际收支支持,提供了一种全球公益。没有哪个国家会轻易向IMF借款,而且只有在面临经济危机时才会作为最后手段向IMF借款。作为对IMF贷款的交换,各国政府放弃了部分主权,放弃了经济政策的自决权,并含蓄地承认,仅靠政府自己无法应对目前的阵痛。一个不太为人所知但代价高昂的权衡是,IMF会对那些从IMF获得大额借款但未能在相对较短时间内偿还的国家征收高额附加费——类似于银行征收的惩罚性利率。事实上,IMF的附加费是在各国最无力负担的时候强加给它们的顺周期金融惩罚。这份简短的说明从全球分配的角度考察了附加费的经济影响。在此过程中,作者强调有必要消除COVID-19时代的过度附加费,并呼吁对国际货币基金组织的融资进行更根本的改革。©2022爱德华埃尔加出版有限公司
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来源期刊
CiteScore
3.10
自引率
12.50%
发文量
16
期刊介绍: The Review of Keynesian Economics (ROKE) is dedicated to the promotion of research in Keynesian economics. Not only does that include Keynesian ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. The journal provides a forum for developing and disseminating Keynesian ideas, and intends to encourage critical exchange with other macroeconomic paradigms. The journal is dedicated to the development of Keynesian theory and policy. In our view, Keynesian theory should hold a similar place in economics to that held by the theory of evolution in biology. Many individual economists still work within the Keynesian paradigm, but intellectual success demands institutional support that can leverage those individual efforts. The journal offers such support by providing a forum for developing and sharing Keynesian ideas. Not only does that include ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. We see a bright future for the Keynesian approach to macroeconomics and invite the economics profession to join us by subscribing to the journal and submitting manuscripts.
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