Lending Credibility by Randall W. Stone
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Lending Credibility
By Randall W. Stone

Lending Credibility

The International Monetary Fund and the Post-Communist Transition

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Format: Paperback

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Lending Credibility by Randall W. Stone

Book Awards

  • Winner of Association for Slavic, East European,and Eurasian Studies Ed A. Hewett Book Prize 2003.

Book Description

With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country. Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.

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Book Details

ISBN: 9780691095295
ISBN-10: 0691095299
Format: Paperback
(229mm x 152mm x 16mm)
Pages: 312
Imprint: Princeton University Press
Publisher: Princeton University Press
Publish Date: 24-Jun-2002
Country of Publication: United States

Other Editions...

Books By Author Randall W. Stone

Controlling Institutions by Randall W. Stone Controlling Institutions, Hardback (March 2011)

This book argues that informal state power explains the institutional design, performance shortcomings and legitimacy problems in international organizations.

Satellites and Commissars by Randall W. Stone Satellites and Commissars, Paperback (April 2002)

Why did the Soviet Union squander the political leverage afforded by its trade subsidy to Eastern Europe? Why did Soviet officials fail to bargain with resolve, to link subsidies to salient political issues, to make credible commitments, and to monitor the satellites' policies? This book answers these questions and others.

» View all books by Randall W. Stone


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Author Biography - Randall W. Stone

Randall W. Stone is Associate Professor of Political Science at the University of Rochester. He is the author of "Satellites and Commissars" (Princeton).

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