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dc.contributor.authorBan, Cornelen_US
dc.contributor.otherBoston University Frederick S. Pardee School of Global Studiesen_US
dc.date.accessioned2017-08-24T21:25:28Z
dc.date.available2017-08-24T21:25:28Z
dc.date.issued2014-11
dc.identifier.urihttps://hdl.handle.net/2144/23667
dc.descriptionThis repository item contains a working paper from the Boston University Global Economic Governance Initiative. The Global Economic Governance Initiative (GEGI) is a research program of the Center for Finance, Law & Policy, the Frederick S. Pardee Center for the Study of the Longer-Range Future, and the Frederick S. Pardee School of Global Studies. It was founded in 2008 to advance policy-relevant knowledge about governance for financial stability, human development, and the environment.en_US
dc.description.abstractDuring the 1980s the IMF emerged as a global “bad cop,” demanding harsh austerity measures in countries faced with debt problems. Has the Great Recession changed all that? Is there more room to negotiate with the Fund on fiscal policy? The answer is yes. If we take a close look at what the IMF researchers say and what its most influential official reports proclaim, then we can see that there has been a more “Keynesian” turn at the Fund. This means that today one can find arguments for less austerity, more growth measures and a fairer social distribution of the burden of fiscal sustainability. The IMF has experience a major thaw of its fiscal policy doctrine and well‐informed member states can use this to their advantage. These changes do not amount to a paradigm shift, a la Paul Krugman’s ideas. Yet crisis‐ridden countries that are keen to avoid punishing austerity packages can exploit this doctrinal shift by exploring the policy implications of the IMF’s own official fiscal doctrine and staff research. They can cut less spending, shelter the most disadvantaged, tax more at the top of income distribution and think twice before rushing into a fast austerity package. This much is clear in all of the Fund’s World Economic Outlooks and Global Fiscal Monitors published between 2009 and 2013 with regard to four themes: the main goals of fiscal policy, the basic options for countries with fiscal/without fiscal space, the pace of fiscal consolidation, and the composition of fiscal stimulus and consolidation.en_US
dc.language.isoen_US
dc.publisherBoston University Global Economic Governance Initiativeen_US
dc.relation.ispartofseriesGEGI Working Paper; Paper 9, November 2014
dc.rightsCopyright 2014 Boston University. Permission to copy without fee all or part of this material is granted provided that: 1. The copies are not made or distributed for direct commercial advantage; 2. the report title, author, document number, and release date appear, and notice is given that copying is by permission of BOSTON UNIVERSITY TRUSTEES. To copy otherwise, or to republish, requires a fee and / or special permission.en_US
dc.subjectInternational Monetary Funden_US
dc.subjectAusterity measuresen_US
dc.subjectFiscal policyen_US
dc.titleIs there more room to negotiate with the IMF on fiscal policy?en_US
dc.typeArticleen_US
dc.rights.holderBoston Universityen_US


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