Overview
Aims and objectives
The general aim of this project is to develop the definitive assessment of the past 30 years of IMF-supported economic adjustment. The proposed project seeks to examine the evolving character of IMF-supported policies, document in detail country experiences with the IMF, and assess the effects of such policies on selected policy areas.
Despite voluminous literature on the IMF – indeed, recent years have witnessed a rapid proliferation of regression-based studies on the effects of IMF programmes – the organisation’s practices remain insufficiently understood. This continuing lack of analytical clarity is a product of two substantial weaknesses in existing research. First, quantitative studies employ a simple dummy variable for IMF participation, despite the fact that IMF programmes vary dramatically in number, type and implementation of mandated policy reforms. Second, these studies are yet to be matched with in-depth case studies documenting how the IMF affects policy space and policy choices of developing countries.
The project seeks to overcome these limitations by utilising a diverse range of sources, including archival data, interviews with stakeholders, and our newly developed data base on IMF conditionality (that is, policy reforms required to obtain funds), to provide an assessment of the organisation. The research will result in a series of journal articles, a book, and a range of impact activities.
Background
After years of decline for its services, the International Monetary Fund (IMF) has recently experienced a revival. New lending has been plentiful, its capital was increased, and high-profile programmes – in Greece, the Ukraine and Tunisia – have placed it at the centre of the policy response to the global financial crisis. In addition, according to the IMF, the organisation has taken on-board criticisms and reformed past practices. For instance, the IMF’s Managing Director, Christine Lagarde, recently appeared puzzled by a journalist’s question: ‘Structural adjustments? That was before my time. I have no idea what it is. We do not do that anymore’.
Given the re-emergence of the IMF as the central institution in directing and managing economic reforms across the globe, there is good reason to probe into these changes, put them in context, provide historical depth, and re-assess the relevant evidence. This project takes on this task, and utilises a mixed-methods approach and a battery of new data to examine three interrelated questions: How has the practice of IMF lending evolved over the past 30 years? What have been the correlates of IMF conditionality? What consequences have IMF programmes had on key issues (e.g. environment or health policy) and selected countries? This project aims to provide a definitive contribution to central debates concerning the IMF in international political economy and development studies.
Progress
Funding from CPEST ended concluded at the end of the 2017-18 academic year. The members of the research team produced a range of academic outputs that explore the consequences of structural adjustment programmes on state capacity, corruption, income inequality, labour rights, health systems, health outcomes, social expenditures and related topics. Over the three project years, the team published several articles and working papers, engaged with policymakers and civil society, and reached broader audiences through media articles and interviews.
Principal investigator
- Larry King
Co-investigators
- Alex Kentikelenis
- Bernhard Reinsberg
- Lori Smith
- Thomas Stubbs
Project status
Ongoing
Project dates
2015-2018
Funding
Cambridge Political Economy Society Trust
Output
Journal articles
Stubbs, T., Kring, W., Laskaridis, C., Kentikelenis, A., and Gallagher, K. (2021) ‘Whatever it takes? The global financial safety net, Covid-19, and developing countries’, World Development, 137. doi.org/10.1016/j.worlddev.2020.105171
Stubbs, T., and Kentikelenis, A. (2018), ‘Targeted social safeguards in the age of universal social protection: The IMF and health systems of low-income countries’, Critical Public Health, 28: 132-139.
Reinsberg, B., A. Kentikelenis, T. Stubbs, and L. King, (2018), ‘The world system and the hollowing-out of state capacity in the developing world: how structural adjustment programs impact bureaucratic quality’ American Journal of Sociology, forthcoming.
Kentikelenis, A. (2018). ‘The social aftermath of economic disaster: Karl Polanyi, countermovements in action, and the Greek crisis.’ Socio-Economic Review, 16: 39–59.
Daoud, A., Nosrati, E., Reinsberg, B., Kentikelenis, A., Stubbs, T., & King, L. (2017) ‘Born into adjustment: child health, parental education, and the International Monetary Fund’ Proceedings of the National Academy of Sciences, 144(25), 6492-6497.
Eichenauer, V. Z., and Reinsberg, B. (2017) ‘What determines earmarked funding to international development organizations? Evidence from the new multi-bi aid data’ Review of International Organizations, 12(2): 171-197.
Kentikelenis, A. E., and Seabrooke, L. (2017) ‘The politics of World Polity: script-writing in international organizations’ American Sociological Review , 82(5).
Stubbs, T., and Kentikelenis, A. (2017). ‘International financial institutions and human rights: Implications for public health.’ Public Health Reviews, 38: 27.
Kentikelenis, A., Stubbs, T., and King, L. (2016) ‘IMF conditionality and development policy space, 1985-2014’ Review of International Political Economy, 23(4): 543-582.
Kentikelenis, A. E. (2017) ‘Structural adjustment and health: a conceptual framework and evidence on pathways’ Social Science & Medicine, 187: 296–305.
Thomson, M., Kentikelenis, A., and Stubbs, T. (2017). ‘Structural adjustment programmes adversely affect vulnerable populations: a systematic-narrative review of their effect on child and maternal health’ Public Health Reviews, 38: 13.
Kentikelenis, A. E. (2017) ‘The social aftermath of economic disaster: Karl Polanyi, countermovements in action, and the Greek crisis’ Socio-Economic Review, forthcoming.
Michaelowa, K., Reinsberg, B., and Schneider, C. (2016) ‘Multi-bi aid in European development assistance: the role of capacity constraints and member state politics. Development Policy Review, 35(4): 513-530.
Reinsberg, B. (2017) ‘Organizational reform and the rise of trust funds: lessons from the World Bank’ Review of International Organizations, 12(2): 199-226.
Stubbs, T., Kentikelenis, A., Stuckler, D., McKee, M., & King, L. (2017) ‘IMF conditionality and government health expenditure: a response to Sanjeev Gupta’ Social Science & Medicine, 181: 202-204.
Stubbs, T., Kentikelenis, A., Stuckler, D., McKee, M., & King, L. (2017) ‘The impact of IMF conditionality on government health expenditure: a cross-national analysis of 16 West African nations’ Social Science & Medicine, 174: 220-227.
Stubbs, T., and Kentikelenis, A. (2017). Targeted social safeguards in the age of universal social protection: The IMF and health systems of low-income countries. Critical Public Health.
Stubbs, T., Kentikelenis, A., and King, L. (2016) ‘Catalyzing aid? The IMF and donor behavior in aid allocation’ World Development, 78: 511-528.
Thomson, M., Kentikelenis, A., and Stubbs, T. (2017) ‘Structural adjustment programmes adversely affect vulnerable populations: a systematic-narrative review of their effect on child and maternal health’ Public Health Reviews, 38: 13.
Kentikelenis, A., Stubbs, T., and King, L. (2016) ‘IMF conditionality and development policy space, 1985–2014’ Review of International Political Economy, 23:543–82.
Chapters in books
Stubbs, T. and Kentikelenis, A. (2019) ‘Conditionality and debt relief: an overview,’ in I. Bantekas and C. Lumina (eds.) Sovereign Debt and International Human Rights (Oxford: OUP).
Babb, S. and A. Kentikelenis (2018) ‘International financial institutions as agents of neoliberalism’, in D. Cahill, M. Cooper, M. Konings and D. Primrose (eds.) The SAGE Handbook of Neoliberalism (Thousand Oaks: SAGE Publications).
Kentikelenis, A. and Babb, S. (2018) ‘International financial institutions,’ in J. Pevehouse and L. Seabrooke (eds.) The Oxford Handbook of International Political Economy (Oxford: OUP), forthcoming.
Kentikelenis, A., Forster, T. and Stubbs, T. (2018) ‘Neoliberalism and health in global context: therRole of international organizations,’ in T. Schrecker and K. Mohindra (eds.) Handbook of Global Health Politics (Cheltenham: Edward Elgar), forthcoming.
Kentikelenis, A., T. Forster, and T. Stubbs (2017) ‘Neoliberalism and health in global context: the role of international organizations’, in T.S. Schrecker and K.S. Mohindra (eds.) Handbook of Global Health Politics (Cheltenham: Edward Elgar).
Reinsberg, B. (2016) ‘The implications of multi-bi aid on multilateral agencies: the example of the World Bank’ in T. Mahn, M. Negre, M. and S. Klingebiel (eds.) Fragmentation versus Pluralism? The Future of Development Cooperation Revisited (Basingstoke: Palgrave McMillan) 185-198.
Babb, S., and Kentikelenis, A. (2017) ‘International financial institutions as agents of neoliberalism’, in The SAGE Handbook of Neoliberalism, edited by D. Cahill, M. Cooper, and M. Koning (Thousand Oaks: SAGE).
Kentikelenis, A., Stubbs, T., and Forster, T. (2017) ‘Neoliberalism and health in global context: the role of international financial institutions’, in T. Scherecker and K. Mohindra (eds.) Handbook of Global Health Politics (Cheltenham: Edward Elgar), forthcoming.
Kentikelenis, A. and Babb, S. (2017) ‘International financial institutions’, in J. Peyehouse and L. Seabrooke (eds.) The Oxford Handbook of International Political Economy (Oxford: Oxford University Press).
Stubbs, T., and Kentikelenis, A. (2017) ‘Conditionality and human rights: an overview’, in I; Bantekas and C. Lumina (eds.) Sovereign Debt and International Human Rights (Oxford: Oxford University Press).
Working papers
Daoud, A., B. Reinsberg, A. Kentikelenis, T. Stubbs, and L. King., (2018) ‘The International Monetary Fund’s Interventions in Food and Agriculture: A New Data Set.’
Forster, T., A. Kentikelenis, B. Reinsberg, T. Stubbs, and L. King., (2018) ‘Globalization and Health Equity: The Impact of Structural Adjustment Programs in Developing Countries.’
Forster, T., A. Kentikelenis, T. Stubbs, and L. King., (2018) ‘How structural adjustment programs affect inequality: A disaggregated analysis of IMF conditionality, 1980-2014.’
Reinsberg, B., A. Kentikelenis, T. Stubbs, and L. King., (2018) ‘Structural Adjustment and State Capacity: Evidence from IMF programs.’
Reinsberg, B., A. Kentikelenis, T. Stubbs, and L. King., (2018) ‘Privatization and the Fueling of Corruption: Evidence from IMF Programs in Developing Countries’.
Reinsberg, B., T. Stubbs, A. Kentikelenis, and L. King., (2018) ‘Unions First? The Political Economy of Labour Market Deregulation during IMF Interventions.’
Stubbs, T., A. Kentikelenis, B. Reinsberg, and L. King., (2018) ‘Evaluating the Effects of IMF Conditionality: An Extension of Quantitative Approaches and an Empirical Application to Government Education Spending.’
Forster, T., A. Kentikelenis, B. Reinsberg, T. Stubbs, and L. King. Under Review. ‘How Structural Adjustment Programs Affect Inequality: A Disaggregated Analysis of IMF Conditionality, 1980–2014.’
Forster, T., A. Kentikelenis, T. Stubbs, and L. King. Article in Preparation. ‘Cross-National Evidence on Structural Adjustment and Health Equity, 1990–2014.’
Honig, D. and A. Kentikelenis. ‘Global Economic Governance in Action: Why and when states act on the IMF’s Executive Board.’
Kentikelenis, A. and S. Babb. ‘Institutional Transformation in the World Polity: The Rise of Structural Adjustment at the International Monetary Fund.’
Kentikelenis, A., T. Stubbs and L. King. ‘IMF Conditionality, 1985–2014: Introducing a new data set.’
Reinsberg, B., A. Kentikelenis, T. Stubbs, and L. King. ‘Structural Adjustment and State Capacity: Evidence from IMF programs.’
Reinsberg, B., A. Kentikelenis, T. Stubbs, and L. King. ‘Do IMF programs fuel or abate corruption? A disaggregated analysis of conditionality.’
Reinsberg, B., T. Stubbs, A. Kentikelenis, and L. King. ‘IMF Programs and the Legal Protection of Labor: A Disaggregated Analysis.’
Stubbs, T., A. Kentikelenis, B. Reinsberg, and L. King. ‘Evaluating the effects of IMF conditionality: A review and extension of quantitative approaches.’
Conference/Workshop papers
Kentikelenis, A. ‘Do IMF programs fuel or abate corruption? A disaggregated analysis of conditionality.’ 22nd Spring Meeting of Young Economists, Halle Institute for Economic Research, Halle, 23-25 March 2017.
Kentikelenis, A. ‘Evaluating the effects of IMF conditionality: A review and extension of quantitative approaches.’ Political Methodology Conference of the Political Studies Association, University of Oxford, Oxford, 13 January 2017.
Kentikelenis, A. ‘How structural adjustment programmes affect inequality: A disaggregate analysis of IMF conditionality.’ 10th Annual Conference on the Political Economy of International Organizations, University of Bern, Bern, 12-14 January 2017.
Kentikelenis, A. ‘Structural adjustment and state capacity: Evidence from IMF programs.’ 10th Annual Conference on the Political Economy of International Organizations, University of Bern, Bern, 12-14 January 2017.
Kentikelenis, A. ‘How Structural Adjustment Programs Affect Inequality: A Disaggregated Analysis of IMF Conditionality, 1980–2014.’, Development in the Face of Global Inequalities Conference, Barcelona, May 2017.
Kentikelenis, A. ‘How Structural Adjustment Programs Affect Inequality: A Disaggregated Analysis of IMF Conditionality, 1980–2014.’ Annual Meeting of the American Sociological Association, Montreal, August 2017.
Kentikelenis, A. ‘IMF programs and the legal protection of labor: Evidence from a disaggregated analysis’, European Political Science Association Annual Conference, Milan, June 2017
Media
Stubbs, T. ‘Underwhelming response‘, Cambridge Judge Business School, 7 October 2020.
Stubbs, T., & Kentikelenis, A. ‘The truth behind IMF’s claims to promote social protection in low-income countries‘, Bretton Woods Observer, 16 June 2017.
Stubbs, T., & Kentikelenis, A. ‘How years of IMF prescriptions have hurt West African health systems‘, The Conversation Africa, 22 February 2017.