ABOUT SPELLS AND RECIDIVISM OF THE TRANSITION ECONOMIES’ PARTICIPATION IN IMF PROGRAMS
Abstract
Based on the review of the modern world economic literature, there were revealed polar approaches of researchers to estimation of the role of the International Monetary Fund (IMF) in world economic processes in whole and its influence on the economic development of separate countries. There were analyzed institutional changes in IMF architecture and management system that favored its transparency, efficiency and increase of trust to the activity of the Fund from the world society.
Based on the dynamic approach to the analysis of credit cooperation of countries-recipients with IMF, there were revealed factors that caused differences in duration of series of IMF lending programs (spell) for transition economies and ones that determine recidivism of their credit relations with the Fund. Among other ones, the determining role is played by the technical assistance of the Fund that favored institutional establishment of unstable economic systems, search for consensus between IMF staff members and governments of countries about formation of the policy of conditionality and effectiveness of its realization.
The article presents chronologization and analytic estimation of main stages of cooperation between Ukraine and IMF, estimates the net transfers of financial resources of the Fund, elucidates conditions of the incomplete drawn of granted credit resources by Ukraine, causes of finishing credit cooperation and transition to technical one at different stages. At the end there was made a conclusion that main efforts must be directed on constructing native economic system a self-sufficient macroeconomic pattern of the development of the native economic system.
Downloads
References
Nissan, S. (2015). As Obituaries Are Written for the World Bank, the IMF is Set to Become Indispensable. Financial Times, beyondbrics.
Eichengreen, B., Woods, N. (2016). The IMF’s Unmet Challenges. Journal of Economic Perspectives, 30 (1), 29–52. doi: http://doi.org/10.1257/jep.30.1.29
Reinhart, C. M., Trebesch, C. (2016). The International Monetary Fund: 70 Years of Reinvention. Journal of Economic Perspectives, 30 (1), 3–28. doi: http://doi.org/10.1257/jep.30.1.3
The International Financial Institution Advisory Commission. Wikipedia. Available at: https://en.wikipedia.org/wiki/International_Financial_Institution_Advisory_Commission
Kaberuka, D., Meyersson, C. (2018). Time for a reboot at a critical time for multilateralism. The Third External Evaluation of the IEO, 68.
Joyce, J. P. (2005). Time Past and Time Present: a Duration Analysis of IMF Program Spells*. Review of International Economics, 13 (2), 283–297. doi: http://doi.org/10.1111/j.1467-9396.2005.00504.x
Bal-Gunduz, Y., Ebeke, C., Hacibedel, B., Kaltani, L., Kehayova, V., Lane, C. et. al. (2013). The Economic Impact of IMF-Supported Programs in Low-Income Countries (No. 277). International Monetary Fund, 60. doi: http://doi.org/10.5089/9781484394717.084
Reinhart, C. M., Rogoff, K. S. (2009). This time is different: Eight centuries of financial folly. Princeton: Princeton university press, 463.
Evrensel, A. Y. (2005). IMF Programmes in Emerging Countries. Comparative Economic Studies, 47 (1), 4–22. doi: http://doi.org/10.1057/palgrave.ces.8100053
Conway, P. (2007). The Revolving Door: Duration and Recidivism in IMF Programs. Review of Economics and Statistics, 89 (2), 205–220. doi: http://doi.org/10.1162/rest.89.2.205
Aslund, A. (2012). How capitalism was built: the transformation of Central and Eastern Europe, Russia, the Caucasus, and Central Asia. Cambridge University Press, 440. doi: http://doi.org/10.1017/cbo9781139207850
Ukraine and the IMF Transactions with the Fund. International Monetary Fund. Available at: http://www.imf.org/external/country/UKR/index.htm
Pro zbilshennia kvoty Ukrainy v Mizhnarodnomu valiutnomu fondi (2016). Rozporiadzhennia Kabinetu Ministriv Ukrainy No. 108-r 04.02.2016. Kabinet Ministriv Ukrainy. Uriadovyi kurier, 42.
MVF. Mizhnarodne spivrobitnytstvo. Ministerstvo finansiv Ukrainy. Available at: http://www.minfin.gov.ua/news/mizhnarodne-spivrobitnictvo/mvf
Barro, R. J., Lee, J.-W. (2005). IMF programs: Who is chosen and what are the effects? Journal of Monetary Economics, 52 (7), 1245–1269. doi: http://doi.org/10.1016/j.jmoneco.2005.04.003
Ivlieva, I. V. (2004). Rol Mizhnarodnoho valiutnoho fondu v makroekonomichnii stabilizatsii Yevropeiskykh tranzytyvnykh krain. Kyiv.
Kushnirsky, F. (2014). Ukraine and The IMF: An Uneasy Cooperation. International Journal of Business and Social Research, 4 (7), 120–130.
Materialy Derzhavnoi sluzhby statystyky Ukrainy. Available at: http://www.ukrstat.gov.ua/
Richni zvity NBU za 1994–2017 rr. Natsionalnyi Bank Ukrainy. Available at: https://bank.gov.ua/control/uk/publish/category?cat_id=58023
Panchyshyn, S. M., Hrabynska, I. V. (2017). Pro typizatsiiu ta evoliutsiiu ekonomichnykh system. Biznes Inform, 8, 29–35.
Copyright (c) 2018 Stepan Panchyshyn, Iryna Hrabynska
This work is licensed under a Creative Commons Attribution 4.0 International License.
Our journal abides by the Creative Commons CC BY copyright rights and permissions for open access journals.
Authors, who are published in this journal, agree to the following conditions:
1. The authors reserve the right to authorship of the work and pass the first publication right of this work to the journal under the terms of a Creative Commons CC BY, which allows others to freely distribute the published research with the obligatory reference to the authors of the original work and the first publication of the work in this journal.
2. The authors have the right to conclude separate supplement agreements that relate to non-exclusive work distribution in the form in which it has been published by the journal (for example, to upload the work to the online storage of the journal or publish it as part of a monograph), provided that the reference to the first publication of the work in this journal is included.