Fiscal adjustment, conditionality and politics in IMF programs

A common feature in programs of the International Monetary Fund (IMF) is the use of conditionalities, macroeconomic and structural measures that a requesting country should adopt to obtain an assistance package. The objective of this work is to conduct an empirical analysis of the economic and political determinants of such conditionalities. In particular, our main contribution consists in the development of a new measure of conditionality, fiscal adjustment, and its comparison with the most used in the literature, the number of conditions. We choose fiscal adjustment because it is an adequate proxy for program austerity, since its implementation carries economic and political costs. In the empirical exercise, we use data from 184 programs in the period of 1999 and 2012, and estimate how our two measures of conditionalities respond to the economic and political factors. Our results suggest that they are quite different. The main determinant of the number of conditions is the political proximity of the borrowing country to the Fund’s major shareholders, the members of G5. On the other hand, the main determinant of fiscal adjustment is the size of the government fiscal deficit. Finally, we did not find correlation between the size of fiscal adjustment and the number of conditions. These results suggest that the analysis of the content of IMF programs should take into account the different measures of agreed conditionality.

The determinants of IMF fiscal conditionalities: economics or politics?

Conditionalites, measures that a borrowing country should adopt to obtain loans from the IMF, are pervasive in IMF programs. This paper estimates the effects of political and economic factors on the number of conditionalities and on the fiscal adjustment requested by the IMF. As found in the literature, political proximity of the borrowing country to the Fund’s major shareholders has an important effect on the number of conditions in an agreement. However, the fiscal adjusment requested by the IMF is strongly affected by the size of a country’s fiscal deficit but not by political proximity. We also find a very small correlation between the number of conditions and the fiscal adjustment requested by the IMF

The Impact of Domestic Politics and International Changes on the Brazilian Perception of Regional Integration

This article aims to analyze the impact of domestic politics and international changes that influence Brazilian positions regarding regional integration processes in South America, particularly the Southern Common Market, Mercosur. The dynamics of the international system and their impact on the evolution of the elite's perception of the role the country should play in the world are important variables for understanding these positions. The state's postures in relation to integration were and are based on a real interest, but this interest is also linked with the objective of ensuring better conditions for participation in other international arenas. Starting with the hypothesis that transformations in the international setting have strongly influenced Brazil's positioning, the elements of continuity and change in the country's behavior toward Mercosur are identified, with domestic politics as the main explanation.

Politics, press and military participation in the abdication of d. Pedro I

This work seeks to contribute to a better understanding of the Abdication, analyzing how and why sections of the army joined the liberal groups against the emperor, focusing on the period that immediately preceded this event. The argument is that the alliance between sections of the army and the liberal groups in 1831 was possible because the expansion of the "public space" in the city of Rio de Janeiro, a process in which newspapers such as "O Republico" played a key role as they became a privileged locus for political disputes. The article shows that that newspaper helped to build a political identity based on the defense of Brazilian interests against Portuguese despotism, giving momentum to internal conflicts around this subject that were already taking place among sections of the army and hence triggering the process that would lead to the Abdication.

Simulation of computational grids scheduling politics

Computational grids allow users to share resources of distributed machines, even if those machines belong to different corporations. The scheduling of applications must be performed aiming at performance goals, and focusing on choose which processes can have access to specif resources, and which resources. In this article we discuss aspects of scheduling of application in grid computing environment. We also present a tool for scheduling simulation along with test scenarios and results.

Mujer y política: América Latina y el Caribe = Women and politics in Latin America and the Caribbean

Incluye Bibliografía

Does discourse matter in the politics of building social pacts on social protection?: international experiences

Includes bibliography

Beyond economics: interactions between politics and economic development

Includes bibliography