The paper traces the evolution of the IMF’s thinking on capital account liberalization from the early 1990s to the present. In doing so, we draw attention to the reciprocal interaction of two sets of mechanisms – inside-out and outside-in – that trigger policy norm change within the “norm circle” (see Introduction to this volume). Specifically, we argue that both organizational culture centered around the reigning neoliberal economic paradigm inside the Fund and the level of acceptance of specific economic ideas outside the Fund are crucial mechanisms in order to understand the rise of the capital account liberalization policy norm and its failed institutionalization.

The International Monetary Fund and Capital Account Liberalization: A Case of Failed Norm Institutionalization

Moschella, Manuela;
2010

Abstract

The paper traces the evolution of the IMF’s thinking on capital account liberalization from the early 1990s to the present. In doing so, we draw attention to the reciprocal interaction of two sets of mechanisms – inside-out and outside-in – that trigger policy norm change within the “norm circle” (see Introduction to this volume). Specifically, we argue that both organizational culture centered around the reigning neoliberal economic paradigm inside the Fund and the level of acceptance of specific economic ideas outside the Fund are crucial mechanisms in order to understand the rise of the capital account liberalization policy norm and its failed institutionalization.
Owning Development: Creating Global Development Policy Norms in the IMF and the World Bank
Cambridge University Press
IMF, Washington consensus, ideational change
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11384/56210
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