The current surge of capital flows to emerging markets continues to challenge the IMF’s historical position regarding capital account regulation and exchange rate policies, with the Fund’s policy framework being criticised by academics and emerging markets.
Macroeconomic policy
Finance
News
IMF's approach to financial regulation "behind the curve"
While the IMF's strategic plan for boosting its financial sector surveillance has not been published, the Fund continues to argue that developing countries need more liberal financial systems.
Conditionality
Analysis
IMF policy recommendations
IMF policy recommendations are often criticised for being too restrictive, procyclical and paying little attention to country-specific circumstances. In the aftermath of the 2008 crisis, the Fund showed some policy rethinking, bringing about expectations of change. However, Rathin Roy and Raquel A. Ramos of the UNDP Policy Centre for Inclusive Growth analyse IMF policy recommendations given to developing countries and conclude that headquarters' receptiveness to new approaches has not been trans
IFI governance
Analysis
Memorandum by the Bretton Woods Project for the UK Treasury Committee
It is widely accepted that global imbalances were a major contributing factor to the recent global financial crisis. In written evidence submitted to the UK Treasury Committee, we argue that there are four main underlying causes and three areas of major reform needed.
Finance
News
IMF and capital flows: all talk, no solution
As the IMF and Bank of England predict that increasing volatility of global capital flows will motivate widespread use of capital controls, academics and civil society organisations are calling for coordinated global solutions.
Social services
Commentary
IMF from Argentina to Greece: similar but different
The economic crisis in Argentina in 2001 and Greece today share both similarities and differences, so we should be wary of stretching the comparison.
Conditionality
News
IMF in a euromess?
The IMF responds to calls from European leaders to get more involved in the European debt crisis through greater lending to the region, however, the austerity policies being demanded are stoking further criticism from civil society organisations.
Finance
Analysis
Breaking the mould
Argentina, Brazil and Costa Rica are among the countries that have recently implemented capital account regulations. This report reviews the evidence available on the impact of their measures, providing evidence of the usefulness of capital account regulations not only in achieving financial stability but also in preventing unwarranted appreciation of the exchange rate and increasing monetary policy space.
Finance
Analysis
Time for a new consensus
This report explains the drawbacks, especially for development, of policies to deregulate the movement of money across borders, and makes suggestions for a new pragmatic approach to regulation of financial flows to ensure stability and development.
Conditionality
News
IFIs macroeconomic policy "anti-growth"
"Why have the policy tutors performed so miserably and the pupils so brilliantly?", wondered Professor John Weeks of the School of Oriental and African Studies (SOAS) in an October article for Social Europe Journal.
Featured briefings
6 April 2022
The Bretton Woods Observer: Spring 2022
8 December 2021
The Bretton Woods Observer: Winter 2021
8 November 2021
IMF surveillance and climate change transition risks
New briefing by ActionAid USA and the Bretton Woods Project highlights research showing that IMF policy advice has undermined a just energy transition since the Paris Agreement was signed.