Lending Credibility: The International Monetary Fund and the Post-Communist Transition (Princeton Studies in International History and Politics)

Book Description

With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country.

Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.

Customer Reviews:

Book Prize Winner.......2004-11-20

Lending Credibility is the winner of the 2003 Ed A. Hewett book prize awarded annually by the American Association for the Advancement of Slavic Studies for the most outstanding publication on the political economy of the former Soviet Union, East Central Europe, and/or their successor states.

The book prize committee wrote the following citation about this volume:

One of the central debates of the transition from socialism over the past decade has been the role of the International Monetary Fund. It is vilified by some as the satanic agent of globalization, and ignored by others who treated democratization as a self-contained process divorced from the messy processes under way in the region's economies.

These debates about the role of the IMF have generated a lot of heat, but not that much light. Just how much influence did the IMF really have over the economies in transition? And was that influence a help or a hindrance the process of economic transition?

Randall Stone's book, Lending Credibility, is the first systematic effort to address these questions. It is a major achievement, the result of both careful reflection on how to conceptualize and investigate the problem, and a prodigious amount of effort gathering data.

A political scientist, Stone addresses one of the standard problems in that discipline: what influence can an international organization (in this case, IMF) have on the domestic policies of member countries (in this case, transition economies). To solve this problem, he deploys a variety of analytical tools. He uses a game-theoretic model of interaction between the IMF, borrower countries, and private investors to derive their equilibrium strategies. The predictions of the model are then tested statistically using a set of monthly data for the 1990s for 26 post-Communist countries, including over 20 variables. In an unprecedented feat of thoroughness, the author complements statistical testing with detailed interviews with dozens of former officials to reconstruct the decision-making process in four of the countries under study and test his theoretical results.

Stone develops the notion of credibility as the key factor linking IMF leverage to domestic decision making. He comes to a balanced conclusion, neither demonizing nor whitewashing the IMF, but arguing that the IMF can play a pivotal and positive role by using its lending to signal support and encouragement for the adoption of effective policies by national leaders.

An astonishing read.......2003-11-29

Quite the read: fluid, sober, well written and systematic in its approach. Pioneering the approach to this question, Randall Stone utilizes many different tools to present his argument and send his message. Not only is it sound in its argument, but also an enjoyable read. Anyone interested in real research about the impact of the IMF should consult this book.

Foreign Direct Investment in Kazakhstan: Politico-Legal Aspects of Post-Communist Transition

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Foreign Direct Investment in Kazakhstan: Politico-Legal Aspects of Post-Communist Transition
E. K. Dosmukhamedov
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

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Book Description

The collapse of the centrally planned systems of the former Soviet Union undoubtedly stands out as one of the most important global events of the 20th century. The transformation from a centralized economic system to a market system created major opportunities for Western corporations to enter markets that had formerly been closed to them. In this book, E.K.Dosmukhamedov employs a distinctive approach to the study of post-communist transition by analyzing Foreign Direct Investment (FDI) from a political, legal and economic standpoint. Kazakhstan is used as a case study to illustrate the role of FDI in restructuring the economy of the former Soviet Union countries in the Post-Communist era.

Post-Communist Romania: Coming to Terms with Transition

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Post-Communist Romania: Coming to Terms with Transition

Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

Economic Conditions | Economics | Business & Investing | Subjects | Books

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ASIN: 0333791878

Book Description

This up-to-date collection analyzes Romania's experiences of the transition form the harsh realities of the Ceausescu dictatorship to the uncertainties of the efforts to consolidate democracy and introduce a market economy. This volume focuses on Romania's progress in coming to terms with the legacy of its communist past, the realities of pluralism, the introduction of a market economy, and the challenge of European integration.

The Economics of Post-Communist Transition (Clarendon Lectures in Economics)

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The Economics of Post-Communist Transition (Clarendon Lectures in Economics)
Olivier Blanchard
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

Development & Growth | Economics | Business & Investing | Subjects | Books

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ASIN: 0198293992

Book Description

Transition in Central and Eastern Europe has led to a U-shaped response of output: a sharp decline in output followed by recovery. Most of the countries of Central Europe seem now firmly on the upside; most of the countries of Eastern Europe are still close to the bottom of the U: an optimistic view is that they are now negotiating the turn. Olivier Blanchard, a distinguished economist who has worked on transition since its beginning, is one of the first to present a unified analysis of the process of transition. The U-shaped response of output, its causes and its implications, are the subject of this book. The text is split into four chapters. The first reviews the facts; the second focuses on the two basic mechanisms underlying transition: reallocation and restructuring; the third looks more closely at a number of issues, from the interactions between restructuring and privatization to the nature of the labour market in transition; the fourth chapter pulls the material together in an analytical model of transition. This model is then used to discuss policy issues, from the design of privatization to the role of fiscal policy in transition.

Theorising Transition: The Political Economy of Post-Communist Transformations

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Theorising Transition: The Political Economy of Post-Communist Transformations
John Pickles
Manufacturer: Routledge
ProductGroup: Book
Binding: Hardcover

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Book Description

This collection challenges many of the comfortable assumptions unleashed by the euphoria of democratization and market capitalism in the years post-Glasnost. The transformations underway in post-Communist societies after 1989 have generated complex and highly differentiated regional systems of adjustment.

The contributions by geographers, economists, sociologists, feminists, and planners examine the theoretical perspectives on transition, industrial and regional restructuring, agrarian change, de-collectivization and rural struggles in a variety of eastern and central European contexts. Theorising Transition provides both a rich empirical map of the dimensions of post-Communism and raises important theoretical issues about how we interpret these changes.

Trials of Transition: Economic Reform in the Former Communist Bloc

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Trials of Transition: Economic Reform in the Former Communist Bloc
Michael Keren
Manufacturer: Westview Pr (Short Disc)
ProductGroup: Book
Binding: Paperback

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Building Market Institutions in Post-Communist Agriculture: Land, Credit, and Assistance (Rural Economies in Transition)

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Building Market Institutions in Post-Communist Agriculture: Land, Credit, and Assistance (Rural Economies in Transition)
David A. J. Macey
Manufacturer: Lexington Books
ProductGroup: Book
Binding: Hardcover

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ASIN: 0739107356

Book Description

Editors David Macey, William Pyle, and Stephen Wegren, with a host of world-leading agrarian analyst and practitioners, unravel the shortcomings surrounding post-communist agrarian reform and answers how and why particular policies were adopted in Eurasia. Building Market Institutions in Post-Communist Agriculture draws on country-level case studies to analyze a range of initiatives that institutions have applied to agricultural economies. In this edited collection, contributors use a comparative analytical framework to project a universal process of agrarian transformation that continues to change the social, economic, and political characteristics of this part of the world.

Bulgaria: The Uneven Transition (Post-Communist States and Nations)

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Bulgaria: The Uneven Transition (Post-Communist States and Nations)
Vessel Dimitrov
Manufacturer: Routledge
ProductGroup: Book
Binding: Hardcover

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Bulgaria | Europe | History | Subjects | Books

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ASIN: 0415267293

Book Description

The communist regime in Bulgaria was perhaps the most stable in Eastern Europe, and its demise was brought about only by the general collapse of the Soviet bloc. In the light of this, what is surprising about the country's transition to democracy and a market economy is not that it has been uneven but that it has proceeded without fundamental disruptions and is now showing some signs of consolidation. The two-party system that emerged from the round table negotiations in 1990 has survived remarkably intact although the parties within it have undergone considerable transformations. The institutions of democracy have often been misused but have shown their ability to survive in crisis situations. After a dismal record of macroeconomic mismanagement, the establishment of a currency board has brought stability to the country's economy, and the long-delayed structural reform is finally off the ground. Having survived the trials of transition, Bulgaria is now faced with the more difficult task of adapting

China's Third Revolution: Tensions in the Transition towards a Post-Communist China

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China's Third Revolution: Tensions in the Transition towards a Post-Communist China
Ian G Cook
Manufacturer: RoutledgeCurzon
ProductGroup: Book
Binding: Hardcover

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Divergent Paths in Post-Communist Transformation: Capitalism for All or Capitalism for the Few? (Studies in Economic Transition)

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Divergent Paths in Post-Communist Transformation: Capitalism for All or Capitalism for the Few? (Studies in Economic Transition)
Oleh Havrylyshyn
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

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ASIN: 1403996342
Release Date: 2006-04-13

Book Description

The most comprehensive and up-to-date analysis of the successes and failures of twenty-seven countries post-communism transformation. Looking at life after the fall of the Berlin wall in 1989, the book examines and contrasts why some countries have virtually completed their transformation to a liberal polity and economy, while others lag behind. Those that followed a strategy of early and steady reforms on economic, political, institutional and social dimensions have exhibited impressive results in economic performance, attracting foreign direct investment, dealing with the social costs of the transformation and establishing a liberal democracy. Unlike those that have moved gradually, with some countries in a frozen transition after being captured by powerful oligarch groups who have drained considerable state assets.

Product Description

This volume constitutes a commentary on Article 28 of the United Nations Convention on the Rights of the Child. It is part of the series, A Commentary on the United Nations Convention on the Rights of the Child, which provides an article by article analysis of all substantive, organizational and procedural provisions of the CRC and its two Optional Protocols. For every article, a comparison with related human rights provisions is made, followed by an in-depth exploration of the nature and scope of State obligations deriving from that article. The series constitutes an essential tool for actors in the field of childrens rights, including academics, students, judges, grassroots workers, governmental, non- governmental and international officers. The series is sponsored by the Belgian Federal Science Policy Office.

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Appropriate use of fertilizers in Asia and the Pacific: Proceedings of a seminar, Taipei, Taiwan, ROC, November 6-14, 1995

Manufacturer: Food & Fertilizer Technology Center for the Asian and Pacific Region
ProductGroup: Book
Binding: Unknown Binding

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ASIN: 9283321901

Book Description

This volume includes a variety of methods involving electron microscopy and other biophysical methods, such as crystallography, neutron scattering, and NMR procedures for the analysis of protein-RNA or RNA-RNA interactions by cross-linking, the use of chemical, enzymatic, and immunological probes, as well as functional and genetic approaches for the study of this nucleoprotein. These methodologies will contribute to the progress toward the elucidation of the structure, function, and regulatory processes that affect this most important complex cellular component, the ribosome.

Book Description

Complex chemically reacting flow simulations are commonly employed to develop quantitative understanding and to optimize reaction conditions in systems such as combustion, catalysis, chemical vapor deposition, and other chemical processes. Although reaction conditions, geometries, and fluid flow can vary widely among the applications of chemically reacting flows, all applications share a need for accurate, detailed descriptions of the chemical kinetics occurring in the gas-phase or on reactive surfaces. Chemically Reacting Flow: Theory and Practice combines fundamental concepts in fluid mechanics and physical chemistry, assisting the student and practicing researcher in developing analytical and simulation skills that are useful and extendable for solving real-world engineering problems.

The first several chapters introduce transport processes, primarily from a fluid-mechanics point of view, incorporating computational simulation from the outset. The middle section targets physical chemistry topics that are required to develop chemically reacting flow simulations, such as chemical thermodynamics, molecular transport, chemical rate theories, and reaction mechanisms. The final chapters deal with complex chemically reacting flow simulations, emphasizing combustion and materials processing. Among other features, Chemically Reacting Flow: Theory and Practice:

-Advances a comprehensive approach to interweaving the fundamentals of chemical kinetics and fluid mechanics
-Embraces computational simulation, equipping the reader with effective, practical tools for solving real-world problems
-Emphasizes physical fundamentals, enabling the analyst to understand how reacting flow simulations achieve their results
-Provides a valuable resource for scientists and engineers who use Chemkin or similar software

Computer simulation of reactive systems is highly effective in the development, enhancement, and optimization of chemical processes. Chemically Reacting Flow helps prepare both students and professionals to take practical advantage of this powerful capability.

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Customer Reviews:

best book on this subject.......2004-01-07

In my opinion this is the best book ever written on chemically reacting flow. Unlike many other books on this subject, it focuses on formulating models exactly and solving them using state-of-the-art computational methods. By "exactly" I mean models that attempt to simulate chemical kinetics and transport phenomena at the molecular level. The book is aimed at chemical engineering applications, and consequently it is limited to thermally compressible flows ( low Mach numbers). The problems at the end of the chapters are generally very good and frequently involve issues that arise in real research applications. My only quibble is that the chapter on reaction-rate theory focuses too much on QRRK methods, which were really superseded by RRKM theory about 50 years ago.

Customer Reviews:

It's a Dog's Life.......2002-07-31

This book is a collection of stories and poems written by famous poets, writers and philosphers and other famous people. They write about their observations about their relationship with dogs and how dogs relate to humans. No quotes in this book, just stories and poems throughout the book.

Chapters includes
Character & Variety
A Great Friendship
Endlessly Useful
Dog Control
Rural Pursuits
Coarse pastimes
Dogs as Pets
Love Me, Love My Dog
Curs & Mongrels
Extra Senses
Breeding

In Competition
A Dog's Worth
The Proper Remedy
A Too Short Life

Some of the many famous people in this book who wrote their story or poem about dogs include:
Plato
Mark Twain
Homer
Charles Dickens
Washington Irving

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