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The International Monetary Fund, the World Bank and Financial Stability: The Case of Russian and East Asian Financial Crises

Valvi, AC; Fragkos, KC; Frangos, CC; (2012) The International Monetary Fund, the World Bank and Financial Stability: The Case of Russian and East Asian Financial Crises. Journal of Economics Studies and Research , 2012 , Article 904328. 10.5171/2012.904328.

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Abstract

The role of the International Monetary Fund (IMF) and the World Bank (WB) in providing financial stability to countries with financial problems has received conflicting views from different social and political groups. The purpose of this paper is to examine whether these two international organizations provide financial stability by focusing on the case of the Russian and East Asian financial crises. After a comprehensive analysis (graphs, tables and statistical regression models), the researchers found that the support of both the IMF and the WB was mostly without success in these two crises; thus promoting financial instability. This finding comes from both a descriptive analysis of financial stability in terms of unemployment, inflation and changes in GDP and GDP per capita and quantitative calculations by performing multiple linear regressions in PASW 18.0 with certain indicators [GDP Annual growth rate, Interest rate spread (lending rate minus deposit rate, %), Inflation, GDP deflator (annual %), Annual industrial value and GINI Index]. The intervention of these international organizations appears to have been followed by unemployment and inflation rises, as a result of their financial policies. These results provide important incentives for international policy changes in dealing with financial crises, emphasizing the importance for less destabilizing practices.

Type:Article
Title:The International Monetary Fund, the World Bank and Financial Stability: The Case of Russian and East Asian Financial Crises
DOI:10.5171/2012.904328
Publisher version:http://www.ibimapublishing.com/journals/JESR/2012/904328/a904328.html
Language:English
Keywords:Financial Stability, International Monetary Fund, World Bank, East Asia
UCL classification:UCL > School of Life and Medical Sciences > Faculty of Medical Sciences > Medicine (Division of)

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