Thesis Chapters by Irene Ktori
MRes Thesis (Unpublished), 2018
The IMF bailout programmes in the European Union gained much attention due to the austerity frame... more The IMF bailout programmes in the European Union gained much attention due to the austerity framework imposed to the borrowing countries. While the Union was lacking the tools to address the crisis and had fears of contagion across its member-states, the institution sought for external assistance from the IMF to serve its advisory role for crisis management expertise. The crisis has revived the role of the Fund as a lender of last resort with multiple bailout packages being implemented across member-states. The bailout packages were attached to the IMF’s long lasting narrative of structural adjustment and fiscal discipline to protect the superiority of the market. The conditionality of these packages was structured under the scope of austerity measures which targeted the reduction of government expenditure as an effective crisis treatment.
The new era of austere conditionality had a negative reception with countries like Greece falling deeper into the recession and requiring subsequent bailouts. However, cases like Hungary’s and Cyprus’s differ as both countries exited the programme and succeeded with an early loan repayment. While the completion of an adjustment programme and early repayment may be perceived as a good performance indicator, this does not capture fully the country’s economic performance. This research aims to explore the impact of the IMF’s Structural Adjustment Programmes (SAPs) in Hungary and Cyprus and how the implementation of the austerity narrative is implement and its effect on growth, whether this formula is a remedy to recessions to instigate growth and if so at what cost for the state.
For this purpose, a mixed method approach is followed as the impact of austerity is not only reflected on the expenditure and revenue account but in the behaviour of interest rates, exchange rates, wages, social benefits and in retrospect the overall impact on the social welfare state. First, the research utilises secondary material to map out the timeline of the crisis linked with its policies and politics in order to understand the composition of the SAPs and the responses. Secondly, for the assessment of growth, the research uses the Economic Performance Index (EPI) of Khramov and Lee (2013) as a simplified method to measure growth. The research concludes with the presentation of the findings in relation to the IMF’s evolution, foundations of political economy and future challenges to its neoliberal thinking.
MSc Thesis (Unpublished), 2013
The recent global financial crisis is considered to have more severe and intensive effects in the... more The recent global financial crisis is considered to have more severe and intensive effects in the economy than the Great Depression in 1929. The magnitude of the global financial crisis is more evident in Europe where many countries faced financial difficulties. As national debt deficits reached historical levels the crisis was an unmanageable task to be carried out by the European Union only. While many countries are in a financial deadlock, the role of the International Monetary Fund re-emergence as a financial aid provider. The Europeanization of the crisis challenges the limits of the integration process and the foundations of the European Union. For the International Monetary Fund, the European Crisis is an opportunity to restore its legitimacy and status as a financial lender.
This study evaluates the impact of the bailout programmes implemented by the International Monetary Fund and its Washington Consensus agenda. The study utilises secondary material like academic journals, official government reports and documents, reports by the IMF and existing statistical documents. The study focuses on two bailout projects, in Argentina and Greece. A comparative analysis illustrates the differences and similarities between the programme and the role of the IMF over time.
The project of Argentina in 1999 was considered as a failed project for the IMF as the organisation withdrew from the project and the country recovered on its own. The programme triggered legitimacy issues for the Fund which reformed its ‘Washington Consensus’ agenda and established the so-called ‘Post-Washington Consensus’ framework. By examining the bailout programme designed for Greece in 2010 we argue that the Fund remains faithful to its neoliberal orientations and the original agenda. The ‘Post-Washington Consensus’ framework is nothing but mulled wine served in a new bottle. The main difference between the two programmes is the ‘soft’ and ‘hard’ conditionality line the Fund followed. In addition, the study shows that the Fund supports heavily fiscal austerity measures in the line of the Washington Conesus agenda. Greece, as a member of the EU, is bounded to follow the joined programme with the IMF/EC/EU due to strong institutional regulations.
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Thesis Chapters by Irene Ktori
The new era of austere conditionality had a negative reception with countries like Greece falling deeper into the recession and requiring subsequent bailouts. However, cases like Hungary’s and Cyprus’s differ as both countries exited the programme and succeeded with an early loan repayment. While the completion of an adjustment programme and early repayment may be perceived as a good performance indicator, this does not capture fully the country’s economic performance. This research aims to explore the impact of the IMF’s Structural Adjustment Programmes (SAPs) in Hungary and Cyprus and how the implementation of the austerity narrative is implement and its effect on growth, whether this formula is a remedy to recessions to instigate growth and if so at what cost for the state.
For this purpose, a mixed method approach is followed as the impact of austerity is not only reflected on the expenditure and revenue account but in the behaviour of interest rates, exchange rates, wages, social benefits and in retrospect the overall impact on the social welfare state. First, the research utilises secondary material to map out the timeline of the crisis linked with its policies and politics in order to understand the composition of the SAPs and the responses. Secondly, for the assessment of growth, the research uses the Economic Performance Index (EPI) of Khramov and Lee (2013) as a simplified method to measure growth. The research concludes with the presentation of the findings in relation to the IMF’s evolution, foundations of political economy and future challenges to its neoliberal thinking.
This study evaluates the impact of the bailout programmes implemented by the International Monetary Fund and its Washington Consensus agenda. The study utilises secondary material like academic journals, official government reports and documents, reports by the IMF and existing statistical documents. The study focuses on two bailout projects, in Argentina and Greece. A comparative analysis illustrates the differences and similarities between the programme and the role of the IMF over time.
The project of Argentina in 1999 was considered as a failed project for the IMF as the organisation withdrew from the project and the country recovered on its own. The programme triggered legitimacy issues for the Fund which reformed its ‘Washington Consensus’ agenda and established the so-called ‘Post-Washington Consensus’ framework. By examining the bailout programme designed for Greece in 2010 we argue that the Fund remains faithful to its neoliberal orientations and the original agenda. The ‘Post-Washington Consensus’ framework is nothing but mulled wine served in a new bottle. The main difference between the two programmes is the ‘soft’ and ‘hard’ conditionality line the Fund followed. In addition, the study shows that the Fund supports heavily fiscal austerity measures in the line of the Washington Conesus agenda. Greece, as a member of the EU, is bounded to follow the joined programme with the IMF/EC/EU due to strong institutional regulations.
The new era of austere conditionality had a negative reception with countries like Greece falling deeper into the recession and requiring subsequent bailouts. However, cases like Hungary’s and Cyprus’s differ as both countries exited the programme and succeeded with an early loan repayment. While the completion of an adjustment programme and early repayment may be perceived as a good performance indicator, this does not capture fully the country’s economic performance. This research aims to explore the impact of the IMF’s Structural Adjustment Programmes (SAPs) in Hungary and Cyprus and how the implementation of the austerity narrative is implement and its effect on growth, whether this formula is a remedy to recessions to instigate growth and if so at what cost for the state.
For this purpose, a mixed method approach is followed as the impact of austerity is not only reflected on the expenditure and revenue account but in the behaviour of interest rates, exchange rates, wages, social benefits and in retrospect the overall impact on the social welfare state. First, the research utilises secondary material to map out the timeline of the crisis linked with its policies and politics in order to understand the composition of the SAPs and the responses. Secondly, for the assessment of growth, the research uses the Economic Performance Index (EPI) of Khramov and Lee (2013) as a simplified method to measure growth. The research concludes with the presentation of the findings in relation to the IMF’s evolution, foundations of political economy and future challenges to its neoliberal thinking.
This study evaluates the impact of the bailout programmes implemented by the International Monetary Fund and its Washington Consensus agenda. The study utilises secondary material like academic journals, official government reports and documents, reports by the IMF and existing statistical documents. The study focuses on two bailout projects, in Argentina and Greece. A comparative analysis illustrates the differences and similarities between the programme and the role of the IMF over time.
The project of Argentina in 1999 was considered as a failed project for the IMF as the organisation withdrew from the project and the country recovered on its own. The programme triggered legitimacy issues for the Fund which reformed its ‘Washington Consensus’ agenda and established the so-called ‘Post-Washington Consensus’ framework. By examining the bailout programme designed for Greece in 2010 we argue that the Fund remains faithful to its neoliberal orientations and the original agenda. The ‘Post-Washington Consensus’ framework is nothing but mulled wine served in a new bottle. The main difference between the two programmes is the ‘soft’ and ‘hard’ conditionality line the Fund followed. In addition, the study shows that the Fund supports heavily fiscal austerity measures in the line of the Washington Conesus agenda. Greece, as a member of the EU, is bounded to follow the joined programme with the IMF/EC/EU due to strong institutional regulations.