Ban, Gallagher Talk IMF in WaPo
The global economic crisis radically changed thinking at the International Monetary Fund (IMF), ushering out old ideas about austerity and opening the doors to modern ideas about capital control, according to a recent op-ed by two Frederick. S. Pardee School of Global Studies professors.
Cornel Ban and Kevin Gallagher, co-directors of the Pardee School’s Global Economic Governance Initiative (GEGI), presented their conclusions in a Dec. 17 Washington Post piece entitled “The IMF’s Perestroika Moment.
Said the pair in the piece:
In some of its policy thinking the IMF has undergone deep transformations that often point in a more Keynesian direction. The most radical change has been in the IMF’s research on the systemic risks posed by the interconnectedness of global banks, followed by its views on capital controls, and its interventions in the austerity debate.
You can read the whole article here.
GEGI was founded in 2008 to advance policy-relevant knowledge about governance for financial stability, human development, and the environment.
Ban is an assistant professor of International Relations. He is currently completing a book manuscript on the political economy of crises, with a focus on the role of economic ideas and the interaction between international and domestic actors.
Gallagher is an associate professor of International Relations. He currently serves on the National Advisory Committee to the North American Free Trade Agreement at the US Environmental Protection Agency and as a member of the Inter-American Dialogue’s China and Latin America Working Group.