The Behavior of IMF in Financial Crises. Analysis of the practices unfolded by the organism during the Argentine crisis (2000-2002)

NEMIÑA, PABLO

San Francisco, CA, EE.UU.

Conferencia; 49th International Studies Association Annual Convention; 2008

International Studies Association

During the 90’s and the beginning of the new century, the International Monetary Fund (IMF or Fund) took part in several financial crises with different results. Even though in many of the cases it contributed to a rapid solution, in others its behavior was strongly criticized. These critiques focus on the fact that the organism not only failed in avoiding the outbreak of the crises, but also in that its intervention aggravated them. However, some divergences exist around the motivations that would explain the organism’s behavior. While some point out that its intervention is the consequence of the exigencies coming from the central countries, to which the Fund directly serves, others argue that is the result of the application of politically neutral and technically expert criteria.Instead of considering the Fund as “machinery” without any autonomy or a completely autonomous technical institution, we propose to analyze the IMF as a social actor with a relative autonomy. Thus, we propose to study the IMF’s actions in a dynamic and historical way that let us approach to it as the contingent result of a complex process in which multiple actors and interests intervene, none of which can determine by their own the process’ outcome.In this line of work, we argue that the IMF’s behavior in contexts of financial crises can be analyzed as the result of the interaction of three factors: a) the economic and geopolitical interests of the central countries; b) the interests from within the institution and its bureaucracy, and c) the behavior of the country in crisis with which the IMF enters in relationship. In order to tackle the study of the problem, a case study strategy is carried out focused on the analysis of the IMF’s behavior during the most intense phase of the recent argentine crisis (2000-2002).