THE CRISIS IS BACK, SO IS THE IMF

Year 2009, Volume: 5 Issue: 9, 83 - 96, 01.06.2009

M. Erdem Özgür

Abstract

In the two decades preceding the year 2000, IMF-directed economic programs and policies increased the vulnerability of the economies of developing countries, and these programs were heavily criticized. All of these criticisms pointed out the need to restructure the Fund to make it more transparent, more unbiased, and more communicative. However, the current global economic crisis has resulted in the resurrection of the IMF in developing-country economies. Iceland, Hungary and the Ukraine applied to the Fund for Stand-By Arrangements, with conditionality clauses, supported by loans. However, they should keep in mind that it is generally accepted that IMF-supported programs have anti-growth effects; that irrespective of the country’s circumstances, the Fund proposes identical remedies; and that the imposition of austerity measures negatively affects the lower-income segments of society. IMF officials frequently ignore the views of the officials of the debtor countries and the Fund’s policies create moral hazard problems through the bailing out of international investors. Moreover, enforcing structural reforms without preparing the essential infrastructure and taking the necessary precautions negatively affects the economies of developing countries

Keywords

IMF Programs, Developing Countries

KRİZ GERİ DÖNDÜ, IMF DE

Abstract

Yirminci yüzyılın son 20 yılında IMF tarafından hazırlanan ve uygulanan ekonomik programlar pek çok gelişmekte olan ülke ekonomisinin kırılganlığını artırmış ve ağır eleştiriler almıştır. Bu eleştiriler IMF’nin daha şeffaf ve tarafsız bir şekilde yeniden yapılanması gerektiğine işaret etmişlerdir. Ancak mevcut ekonomik kriz ile birlikte IMF gelişmekte olan ülke ekonomilerinde tekrar canlanmaktadır. İzlanda, Macaristan ve Ukrayna krizin etkilerini azaltmak amacıyla IMF ile yapısal değişim koşulları içeren ve IMF kredileriyle desteklenen Stand-By anlaşmaları yapmışlardır. Bu ülkelerin göz ardı etmemeleri gereken gerçekler vardır: IMF programları ekonomik küçülmeye yol açar, farklı ülke koşullarına rağmen benzer reçeteler sunulur ve toplumların dar gelirli kesimleri daraltıcı politikalardan zarar görür. Ayrıca program uygulayan ülkelerdeki yetkilileri göz ardı etmesi ve uluslararası yatırımcıların kriz yaşayan ülkelerden zarar görmeden ayrılmasını sağlaması IMF’nin eleştirildiği diğer konulardır. IMF programlarıyla dayatılan yapısal reformların gerekli altyapı hazırlanmadan hayata geçirilmesi program uygulayan ülke ekonomilerini olumsuz etkilemektedir

Keywords

IMF Programları, Gelişmekte Olan Ülkeler

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