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The IMF as a global monitor: surveillance, information, and financial markets

Breen, Michael orcid logoORCID: 0000-0002-5857-9938 and Doak, Elliott (2021) The IMF as a global monitor: surveillance, information, and financial markets. Review of International Political Economy, 30 (1). pp. 307-331. ISSN 0969-2290

Abstract
What are the effects of the International Monetary Fund’s (IMF) monitoring activities? We argue that IMF surveillance exercises – known as Article IV consultations – move financial markets. Our argument is based on the design of the IMF’s surveillance function, which is a relatively strong form of monitoring by the standards of most international organizations (IOs). We test this argument using an event study analysis of 428 IMF Article IV consultations. We find that the average surveillance mission has a substantial impact on sovereign debt with much greater impacts in emerging than high income economies. Interviews with market participants support and help to contextualize these findings. By illustrating the effects of surveillance, this article contributes to our understanding of whether, and to what extent international institutions are a source of vital public information.
Metadata
Item Type:Article (Published)
Refereed:Yes
Uncontrolled Keywords:IMF; surveillance; Article IV consultations; international institutions; international organizations; monitoring; financial markets
Subjects:Business > Economic policy
Business > Economics
Social Sciences > Globalization
Social Sciences > International relations
Social Sciences > Political science
DCU Faculties and Centres:DCU Faculties and Schools > Faculty of Humanities and Social Science > School of Law and Government
Publisher:Taylor & Francis
Official URL:https://doi.org/10.1080/09692290.2021.2004441
Copyright Information:© 2021 The Authors. Open access (CC-BY-4.0)
ID Code:26479
Deposited On:26 Nov 2021 10:57 by Michael Breen . Last Modified 06 Apr 2023 15:03
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