Artikel
The economics of the democratic deficit: The effect of IMF programs on inequality
Does the International Monetary Fund (IMF) increase inequality? To answer this question, this article introduces a new empirical strategy for determining the effects of IMF programs that exploits the heterogeneous effect of IMF liquidity on loan allocation based on a difference-in-differences logic. The results show that IMF programs increase income inequality. An analysis of decile-specific income data shows that this effect is driven by absolute income losses for the poor and not by income gains for the rich. The effect persists for up to 5 years, and is stronger for IMF programs in democracies, and when policy conditions, particularly those that demand social-spending cuts and labor-market reforms, are more extensive. These results suggest that IMF programs can constrain government responsiveness to domestic distributional preferences.
- Sprache
-
Englisch
- Erschienen in
-
Journal: The Review of International Organizations ; ISSN: 1559-744X ; Volume: 16 ; Year: 2020 ; Issue: 3 ; Pages: 599-623 ; New York, NY: Springer US
- Klassifikation
-
Politik
International Agreements and Observance; International Organizations
International Linkages to Development; Role of International Organizations
- Thema
-
International Monetary Fund (IMF)
Inequality
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lang, Valentin
- Ereignis
-
Veröffentlichung
- (wer)
-
Springer US
- (wo)
-
New York, NY
- (wann)
-
2020
- DOI
-
doi:10.1007/s11558-020-09405-x
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Lang, Valentin
- Springer US
Entstanden
- 2020
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