IMFの融資制度ーアイスランド、ウクライナ、ラトビア、ハンガリーのケースをもとにして

Shirai, Sayuri (2009): IMFの融資制度ーアイスランド、ウクライナ、ラトビア、ハンガリーのケースをもとにして.

Abstract

This paper analyzes mainly three issues regarding IMF functions: (1) IMF Financilg systems, (2) Changes in IMF conditionality since the East Asian crisis of 1997-98 and in the midst of the recent global financial crisis, and (3) IMF lending ability. In particular, this paper describes how the conditionality has been adjusted in reponse to strong criticim by the international community made after the East Asian crisis. Also, a detailed comparison is made between the East Asian crisis and the current crises in Iceland, Ukraine, Lativia and Hungary, with respect to IMf-supported problems and conditionality.

• Item Type: MPRA Paper
• English Title: IMF Financing Systems-Based on the Cases of Iceland, Ukraine, Latvia, and Hungary
• Language: Japanese
• Keywords: IMF；コンディショナリティ；東アジア経済危機；世界経済危機；東欧・中央諸国
• Subjects: F - International Economics > F3 - International Finance; F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions

References

白井早由里、1999年、「検証IMF経済政策」、東洋経済新報社。

白井早由里、2000年、「カレンシーボードの経済学」、日本評論社。

白井早由里、2002年a、「入門現代の国際金融」、東洋経済新報社。

白井早由里、2002年b、「メガバンク危機とIMF経済政策」、角川書店。

Casas, Miguel de las and Xavier Serra, 2008, “Simplification of IMF Lending: Why Not Just One Flexible Credit Facility,” Documentos Ocasionales No. 0806, Banco de Espana.

Dekle, Robert, Cheng Hsiao, and Siyan Wang, 1999, “Interest Rate Stabilization of Exchange Rates and Contagion in the Asian Crisis Countries,” mimeo, August.

Ficher, Stanley, 1998, “Reforming World Finance: Lessons from a Crisis,” Economist, October 3.

Goldstein Morris, 2005, “A Note on Improving the International Financial Architecture,” prepared for “The Orderly Resolution of Financial Crises-A G20-Led Initiative,” January 29-30, 2005, Mexico.

Ghosh, Atish and Steven Phillips, 1998, “Interest Rates, Stock Markets prices, and Exchange Rates in East Asia,” mimeo, IMF.

Goldfajn, Ilan and Taimur Baig, 1998, “Monetary Policy in the Aftermath of Currency Crises,” IMF Working Paper WP/98/170.

Kaminsky, Graciela and Sergio Schmukler, 1998, “The Relationship between Interest Rates and Exchange Rates in Six Asian Countries,” mimeo, Federal Reserve Board and World Bank.

Kaay, Aart, 1998, “Do High Interest Rates Defend Currencies During Speculative ATtackes?,” mimeo, World Bank.

Sachs, Jeffery, 1997, “IMF is a Power unto Itself,” Financial Times, December 11.

Stiglitz, Joseph, 1998, “The Role of International Financial Institutions in the Current

Global Economy,” Address to the Chicago Council on Foreign Relations, February 27.

IMF, 1997, “Thailand: Letter of Intent,” November 25.

IMF, 1997, “Indonesia: Letter of Intent,” October 31.

IMF, 1997, “Korea: Letter of Intent,” December 3.

IMF, 1998, “Indonesia: Memorandum of Economic and Financial Policies,” January 15.

IMF, 1998, “Indonesia: Supplementary Memorandum of Economic and Financial Policies,” April 10.

IMF, 1998, “IMF Completes Review and Increases Financing of Indonesia’s Economic Program,” News Brief No. 98/25, July 15.

IMF, 1998, “Indonesia: Second Supplementary Memorandum of Economic and Financial Policies,” July 24.

IMF, 1998, “Indonesia: Letter of Intent and Memorandum of Economic and Financial Policies,” July 29.

IMF, 1998, “Thailand: Letter of Intent,” August 14.

IMF, 1998, “Indonesia: Letter of Intent,” September 11.

IMF, 2000, “IMF Approves U$5 Billion Extended Arrangement for Indonesia,” Press Release No. 00/4, February 4.

IMF, 2000, “Recovery from the Asian Crisis and the Role of IMF,” 00/05.

IMF, 2002, “Access Policy in Capital Account Crises,” July 29, 2002.

IMF, 2003, “Access Policy in Capital Account Crises-Modifications to the Supplemental Reserve Facility (SRF) and Follow-up Issues Related to Exceptional Access Policy,” January 14, 2003.

IMF, 2004, “Review of Exceptional Access Policy,” March 23, 2004.

IMF, 2005, “Review of the 2002 Conditionality Guidelines”

IMF, 2006, “Operational Guidance to IMF Staff on the 2002 Conditionality Guidelines”, January 9, 2006.

IMF, 2006, “Statement of the IMF Staff: Principles Underlying the Guidelines on Conditionality,” January 9, 2006.

IMF, 2007, “Iceland: 2007 Article IV Consultation-Staff Report and Public Information Notice on the Executive Board Discussion,” IMF Country Report No. 07/295, August.

IMF, 2007, “Iceland: Selected Issues,” IMF Country Report No. 07/296, August.

IMF, 2008, “Ukraine: Selected Issues,” IMF Country Report No. 08/228, July.

IMF, 2008, “Ukraine: 2008 Article IV Consultation-Staff Report, Staff Statement, Public Information Notice on the Executive Board Discussion, and Statement by the Executive Director for Ukraine,” IMF Country Report No. 08/227, July.

IMF, 2008, “Hungary: 2008 Article IV Consultation-Staff Report, Staff Supplement, and Public Information Notice on the Executive Board Discussion,” IMF Country Report No.313, September.

IMF, 2008, “Hungary: Request for Stand-By Arrangement-Staff Report, Staff Supplement, and Press Release on the Executive Board Discussion,” IMF Country Report No. 08/361, November.

IMF, 2008, “Iceland: Request for Stand-By Arrangement-Staff Report, Staff Supplement, Press Release on the Executive Board Discussion, and Statement by the Executive Director for Iceland,” IMF Country Report No. 08/362, November.

IMF, 2008, “Iceland: Financial System Stability Assessment-Update,” IMF Country Report No. 08/368, December.

IMF, 2008, “Iceland: 2008 Article IV Consultation-Staff Report, Staff Supplement, Public Information Notice on the Executive Board Discussion, and Statement by the Executive Director for Iceland, “IMF Country Report No. 08/367, December.

IMF, 2008, “Ukraine: Request for Stand-By Arrangement-Staff Report, Staff Supplement, Press Release on the Executive Board Discussion, and Statement by the Executive Director for Ukraine,” IMF Country Report No. 08/384, December.

IMF, 2009, “Republic of Latvia: Request for Stand-By Arrangement-Staff Report, Staff Supplement, Press Release on the Executive Board Discussion, and Statement by the Executive Director for the Republic of Latvia,” IMF Country Report No. 09/03, January.

IMF, 2009, “Hungary: Stand-By-Interim Review Under the Emergency Financing Mechanism,” December 22, 2008.

IMF, 2009, “Ukraine: Stand-By Arrangement-Review Under the Emergency Financing Mechanism,” December 11, 2008