The International Monetary Fund and the Post-Communist Transition
By (author) Randall W. Stone
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Lending Credibility by Randall W. Stone
Book DescriptionWith 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 DetailsISBN: 9780691095295
(229mm x 152mm x 16mm)
Imprint: Princeton University Press
Publisher: Princeton University Press
Publish Date: 24-Jun-2002
Country of Publication: United States
Books By Author 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, Paperback (April 2002)» View all books by Randall W. Stone
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.
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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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