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31. WTO 2025: Constructing an executive branch

Author:
Alan Wm. Wolff
Publication Date:
05-2022
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The World Trade Organization (WTO) as an institution accords much less of a role to its chief officer and her staff, namely the WTO Director-General and the Secretariat, than do any of its sister international organizations—the World Bank, the International Monetary Fund, the Organization for Economic Cooperation and Development—to their chief officers and staff. The WTO Secretariat is much smaller than its peer international organizations and underfunded. In considering WTO reform, this deficiency needs to be rectified if the WTO’s performance is to live up to its Members’ needs.
Topic:
Economics, World Bank, IMF, WTO, and OECD
Political Geography:
Global Focus

32. For a new European growth strategy

Author:
Nicolas Goetzmann
Publication Date:
01-2022
Content Type:
Policy Brief
Institution:
Robert Schuman Foundation (RSF)
Abstract:
The early 1990s saw the demise of the Soviet bloc, erasing more than forty years of competition with the United States: the rest of the decade witnessed the economic emergence of the People's Republic of China and the formal advent of the euro area as the economic powerhouse of the European Union. Two decades later, according to data published by the IMF, almost 60% of the world economy is now shared between these three dominant economic areas, the United States, China and the European Union, reshaping the face of the competition for global power.
Topic:
European Union, Economic Growth, Macroeconomics, and IMF
Political Geography:
China, Europe, and United States of America

33. MF Dollars for Dictators? The Allocation of SDR to Moderate and Isolated Countries

Author:
Haggy Etkes
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Institute for National Security Studies (INSS)
Abstract:
“The International Monetary Fund assisted radical regimes, including the Russian government and the Taliban in Afghanistan”: This claim was made given the allocation of Special Drawing Rights (SDR) by the IMF to states in the region. Is there truth to this charge?
Topic:
Economics, International Cooperation, Finance, and IMF
Political Geography:
Afghanistan, Russia, Europe, and Middle East

34. UN-IFI Cooperation during Peacekeeping Drawdowns: Opportunities for Mutual Support

Author:
Paige Arthur
Publication Date:
03-2021
Content Type:
Policy Brief
Institution:
Center on International Cooperation (CIC)
Abstract:
As increasing political and budgetary pressures have come to bear on UN peace operations in recent years, more attention has been paid to ensuring that drawdowns are undertaken in a way that sustains the gains of a mission’s presence. This policy briefing highlights a number of missed opportunities and argues for greater collaboration between the UN, the World Bank, and the International Monetary Fund (IMF) ahead of a mission’s departure to build greater synergies between the country’s political and economic pathways. The brief begins by summarizing the economic challenges related to UN transitions, including diving deeper into the debate on whether or not these transitions create a “financial cliff”—in particular, in relation to official development assistance and foreign direct investment. We then describe three key opportunities for the UN, the Bank, and the IMF to leverage their respective mandates and comparative advantages during mission drawdowns, seizing the moment around transitions to support a country’s pathway to peace in ways that also lessen its economic burdens and supports key reforms. These opportunities include: Generating better alignment and planning between the three institutions in transition moments, with a focus on maintaining and strengthening peacebuilding gains while also seeking to unlock broader economic opportunities; Collaborating across areas of expertise to assess budgetary and resourcing gaps that may prove crippling to a country’s emergence from fragility, if not addressed; Activating levers for additional peacebuilding financing and to support reform, from the UN’s PBC and multi-partner trust funds, to IMF support to improve access to financial markets, to the sensitive use of the World Bank’s new FCV envelopes in IDA19 . The brief is based on desk research as well as interviews with a small number UN, World Bank, and IMF representatives involved in the transition process in Timor-Leste, Côte d’Ivoire, and Liberia, as well as the expected transition in the Democratic Republic of the Congo.
Topic:
Politics, United Nations, Reform, Multilateralism, Peace, and IMF
Political Geography:
Global Focus

35. The Long Search for Stability: Financial Cooperation to Address Global Risks in the East Asian Region

Author:
C. P. Chandrasekhar
Publication Date:
03-2021
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Forced by the 1997 Southeast Asian crisis to recognize the external vulnerabilities that openness to volatile capital flows result in and upset over the post-crisis policy responses imposed by the IMF, countries in the sub-region saw the need for a regional financial safety net that can pre-empt or mitigate future crises. At the outset, the aim of the initiative, then led by Japan, was to create a facility or design a mechanism that was independent of the United States and the IMF, since the former was less concerned with vulnerabilities in Asia than it was in Latin America and that the latter’s recommendations proved damaging for countries in the region. But US opposition and inherited geopolitical tensions in the region blocked Japan’s initial proposal to establish an Asian Monetary Fund, a kind of regional IMF. As an alternative, the ASEAN+3 grouping (ASEAN members plus China, Japan and South Korea) opted for more flexible arrangements, at the core of which was a network of multilateral and bilateral central bank swap agreements. While central bank swap agreements have played a role in crisis management, the effort to make them the central instruments of a cooperatively established regional safety net, the Chiang Mai Initiative, failed. During the crises of 2008 and 2020 countries covered by the Initiative chose not to rely on the facility, preferring to turn to multilateral institutions such as the ADB, World Bank and IMF or enter into bilateral agreements within and outside the region for assistance. The fundamental problem was that because of an effort to appease the US and the IMF and the use of the IMF as a foil against the dominance of a regional power like Japan, the regional arrangement was not a real alternative to traditional sources of balance of payments support. In particular, access to significant financial assistance under the arrangement required a country to be supported first by an IMF program and be subject to the IMF’s conditions and surveillance. The failure of the multilateral effort meant that a specifically Asian safety net independent of the US and the IMF had to be one constructed by a regional power involving support for a network of bilateral agreements. Japan was the first regional power to seek to build such a network through it post-1997 Miyazawa Initiative. But its own complex relationship with the US meant that its intervention could not be sustained, more so because of the crisis that engulfed Japan in 1990. But the prospect of regional independence in crisis resolution has revived with the rise of China as a regional and global power. This time both economics and China’s independence from the US seem to improve prospects of successful regional cooperation to address financial vulnerability. A history of tensions between China and its neighbours and the fear of Chinese dominance may yet lead to one more failure. But, as of now, the Belt and Road Initiative, China’s support for a large number of bilateral swap arrangements and its participation in the Regional Comprehensive Economic Partnership seem to suggest that Asian countries may finally come into their own.
Topic:
Regional Cooperation, Bilateral Relations, Financial Crisis, Central Bank, IMF, Liberalization, Financial Globalization, and Financial Integration
Political Geography:
China, Asia, and United States of America

36. An analysis of optimal devolved government size for growth: Armey curve in Kenya

Author:
Naftaly Mose
Publication Date:
12-2020
Content Type:
Journal Article
Journal:
Brazilian Journal of African Studies
Institution:
Brazilian Journal of African Studies
Abstract:
The recent global initiative towards federalized spending has been gradually justified on the basis that decentralization of resources to sub-national governments level are likely to deliver greater efficiency in the delivery of public goods and services and consequently stimulate economic activities at devolved units (Martinez-Vasquez and McNab 2006). The devolution trend in unindustrialized nations is reinforced by the International Monetary Fund (IMF) and World Bank (WB), which considers expenditure decentralization as a key pillar of its economic growth and poverty eradication strategy (World Bank 2016). But, attention to expenditure transfer has been mainly inspired by local political reasons (Mwiathi 2017). Like the case of Kenya in 2007/2008. The 2007/2008 post-election violence saw the introduction of the new governance system, which entrenched devolved systems (GoK 2010). In a number of nations including Kenya, a devolved system of governance refers to devolution. Essentially devolution is one form of fiscal decentralization. However, devolution is more extensive and includes transfer of both economic and political powers from central government to devolved units (Ezcurra and Rodríguez-Pose 2010).
Topic:
Government, International Political Economy, Poverty, World Bank, Economic Growth, Economic Development, and IMF
Political Geography:
Kenya and Africa

37. Amendments to state budget of Azerbaijan for 2020: Reasons and Expectations

Author:
Narmina Gasimova and Nigar İslamlı
Publication Date:
06-2020
Content Type:
Working Paper
Institution:
Center for Economic and Social Development (CESD)
Abstract:
Nowadays, global economic growth has been severely affected beyond anything passed in nearly a century. The outbreak of the coronavirus disease has brought its negative impact and destructive outcome on the economies alongside with the sharp fluctuations in global energy and stock markets. There might be observed a subsequent sharp decline in the number of transactions and practical shutdown of many markets due to the large-scale quarantine and self-isolation measures. Taking into consideration the abovementioned factors, it becomes clear that there emerged a need to revise all economic forecasts for 2020-2021. The International Monetary Fund (IMF) predicted a decline of the global economic growth rate in April (-3%), but in accordance with the current circumstances, the figures were revised in June, representing a 4.9% decrease. In spite of a fact that Azerbaijan became one of the first countries among the post-soviet countries, that allocated the largest share of GDP, in order to eliminate the economic problems caused due to the pandemic, the impact of the emerged difficulties made a necessity to revise the budget.
Topic:
Budget, GDP, Economy, Coronavirus, IMF, and COVID-19
Political Geography:
Eurasia, Caucasus, and Azerbaijan

38. Opportunities and Challenges for Greater IFI-UN Collaboration Across Macroeconomic/FCV linkages

Author:
Marc Jacquand
Publication Date:
10-2020
Content Type:
Policy Brief
Institution:
Center on International Cooperation (CIC)
Abstract:
In recent years, the International Monetary Fund (IMF), the World Bank, and the United Nations (UN) have increased their collaboration and strengthened their respective capacities to engage more effectively in fragility, conflict, and violence (FCV) contexts. Recent global developments, particularly the COVID-19 pandemic, point to the need to accelerate such efforts and deepen collaboration between these three institutions. Everywhere—including in high-income countries—political turbulence and contestation of traditional governance arrangements are increasing the stakes and impact of macroeconomic decisions, and now of pandemic response measures. This extremely challenging global landscape, where risks intersect with increasing virulence, is calling out for greater collaboration between the IMF, the Bank, and the UN, as the three institutions to which many countries that find themselves facing such crises often turn. This briefing by Marc Jacquand makes the case for increased collaboration on four levels: factual, financial, political, and counterfactual. It also lays out the challenges, both internal and external, that impede collaboration. Finally, it makes recommendations for institutional improvements to facilitate more effective joint work in FCV contexts.
Topic:
United Nations, Governance, Reform, Multilateralism, Crisis Management, IMF, and COVID-19
Political Geography:
Global Focus

39. COVID-19 and the IMF-World Bank Spring Meetings

Author:
Sarah Cliffe
Publication Date:
04-2020
Content Type:
Policy Brief
Institution:
Center on International Cooperation (CIC)
Abstract:
The International Monetary Fund (IMF) and World Bank conducted their first virtual Spring Meetings amid the COVID-19 pandemic. This briefing summarizes the discussions, which focused on the economic impact of the pandemic, and provides key takeaways on topics such as debt relief, financing for COVID-19 response, multilateral partnerships, and efforts to support global supply chains. In this readout of the 2020 Spring Meetings, CIC director Sarah Cliffe details the historic—but ring-fenced—debt moratorium and accelerated financing deal that were reached, as well as efforts to inject more global financing through an exceptional issue of IMF Special Drawing Rights. The briefing also covers partnerships between the United Nations and the international financial institutions, including a call for collaboration on global supply chains for medical equipment, agricultural inputs, and other goods and services.
Topic:
Governance, Finance, Multilateralism, Crisis Management, Humanitarian Crisis, IMF, COVID-19, and Supply
Political Geography:
Global Focus

40. Latin America Is Avoiding the Obvious Need for Reform. Why?

Author:
Mauricio Cardenas
Publication Date:
10-2020
Content Type:
Working Paper
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
Since nearly the start of the COVID-19 pandemic, economic and political analysts have seen an urgent need – and opportunity – for Latin America to pursue reform. The argument is simple: The aftershocks of the current crisis will be devastating and long-lasting unless the region takes steps now to strengthen its labor markets and improve fiscal sustainability. That means taking advantage of unusual political circumstances to rally support for difficult decisions that have been put off for far too long. A failure to act would risk turning COVID-19 into the preamble to another lost decade. Unfortunately, there is little to suggest that governments in the region are prepared to use crisis in the present to prepare for the future. Throughout Latin America, the general response to COVID-19 has been to confront the challenge with increased spending. This will not have a happy ending. Governments will inherit massive debts, making it hard to deal with social unrest resulting from increased poverty and unemployment. Instead, the region needs to start making adjustments now – not only to spur economic recovery, but also to plant the seeds for a more sustainable performance down the road. The International Monetary Fund (IMF) last week added its voice to the chorus of those urging governments not to delay reform. As the region takes on debt to deal with the crisis, it will need to avoid falling over the fiscal cliff once the pandemic subsides, according to the IMF. That could mean, for example, pre-approving tax increases or the reduction in certain spending to be implemented once economic conditions return to normal. Labor laws could be changed to make it less costly for firms to hire (or hire back) workers, at least for the time being. Indeed, the right mix of reforms would have benefits in the short term as well. Given a better reading of future economic risks, markets and credit agencies would likely give countries increased fiscal space and capacity to deal with COVID-19 right now, when it is most needed. But there is little to suggest an appetite for reform. Few if any governments in the region have seriously pursued policy changes with a view not just of the short-term crisis but also their countries’ long-term health. Seldom has the disconnect between the opportunity for reform and the interest in pursuing it been so great. Instead of simply trumpeting the importance of reform, then, it’s important to also ask why it isn’t happening.
Topic:
Public Health, Sustainability, Pandemic, IMF, and COVID-19
Political Geography:
Latin America and North America