Brother, can you spare a billion? : the United States, the IMF, and the international lender of last resort / Daniel McDowell, Maxwell School of Citizenship and Public Affairs, Syracuse University.

Format:

Book

Author/Creator:

McDowell, Daniel, author.

Language:

English

Subjects (All):

International Monetary Fund.

Loans, Foreign--United States.

Loans, Foreign.

Physical Description:

1 online resource : illustrations (black and white)

Place of Publication:

New York, NY : Oxford University Press, 2016.

Summary:

'Brother, Can You Spare a Billion?' explores how and why the US has regularly acted, often alongside the IMF, as an international lender of last resort by selectively bailing out foreign economies in crisis. Daniel McDowell highlights the unique role that the US has played in stabilizing the world economy from the 1960s through 2008.

Contents:

Machine generated contents note:

Table of Contents

Table of Figures

Table of Tables

Preface

List of Abbreviations

CHAPTER 1 - Introduction

1. THE PUZZLE

2. THE ARGUMENT

3. PLAN OF THE BOOK and FINDINGS

CHAPTER 2 - The ILLR in Theory and Practice

1. AN INTERNATIONAL LLR: A BRIEF HISTORY OF A CONCEPT

1.1 The ILLR and the Hegemon

1.2 The ILLR and the IMF

2. THE IMF'S LIMITATIONS AS ILLR

2.1. The Problem of Unresponsiveness

2.2. The Problem of Resource Insufficiency

3. THE UNITED STATES' ILLR MECHANISMS

3.1. The Mechanics of Currency Swaps

3.2. Speed and Independence

3.3. Lending Capacity

3.4. Division of Labor

4. CONCLUSIONS

CHAPTER 3 - The United States Invents its Own ILLR, 1961-1962

1. MORE DOLLARS, MORE PROBLEMS

1.1 From Dollar Gap to Dollar Glut

1.2. Two Threats: The "Gold Drain" and Speculation

2. IN SEARCH OF AN ILLR

2.1. The General Arrangements to Borrow

3. AN ALTERNATIVE ILLR: CENTRAL BANK CURRENCY SWAPS

3.1. The Fed's Novel Idea

3.2. Who Needs the IMF?

3.3. How the Swap Lines Protected U.S. Interests

3.4. Why did Europe Cooperate?

CHAPTER 4 - The Exchange Stabilization Fund and the IMF in the 1980s and 1990s

1. THE EXCHANGE STABILIZATION FUND

2. 1980s: GLOBAL BANKING AND THE DEBT CRISIS

2.1. The IMF's "Concerted Lending" Strategy and the Problem of Unresponsiveness

2.2. The ESF and "Bridge Loans": Correcting for the Problem of IMF Unresponsiveness

3. 1990s: PORTFOLIO FLOWS AND CAPITAL ACCOUNT CRISES

3.1. Capital Account Crises and IMF Resource Insufficiency

3.2. The ESF and Supplemental Loans: Correcting for the Problem of IMF Resource Insufficiency

CHAPTER 5 - Who's In, Who's Out, and Why? Selecting Whom to Bailout, 1983-1999

1. U.S. FINANCIAL INTERESTS AND ESF BAILOUT SELECTION

2. AN EMPIRICAL MODEL OF ESF BAILOUT SELECTION

3. RESULTS

CHAPTER 6 - U.S. International Bailouts in the 1980s and 1990s

1. CASE SELECTION

2. THE CASES

2.1. Mexico, Brazil and Argentina, 1982-1983

2.2. Argentina, 1984

2.3. Poland, 1989

2.4. Mexico, 1995

2.5. Thailand, 1997

2.6. Indonesia and South Korea, 1997

2.7. Declining Use: The ESF is Put Out to Pasture

3. CONCLUSIONS

CHAPTER 7 - The United States as ILLR during the Great Panic of 2008-2009

1. BACKGROUND: "A NOVEL ASPECT" OF THE GREAT PANIC OF 2008

2. U.S. FINANCIAL INTERESTS AND THE FED'S ILLR ACTIONS

3. AN EMPIRICAL MODEL OF FED SWAP LINE SELECTION

4. THE INTEREST RATE THREAT AND THE FED'S ILLR ACTIONS

5. TRANSCRIPT ANALYSIS OF FOMC MEETINGS

5.1 The Initiation of the Swap Lines and the TAF, August 2007 - December 2007

5.2 Incremental Expansion of Liquidity Facilities, March 2008 - August 2008

5.3. Rapid Growth of the Swap Program: September 15, 2008 - October 28, 2008

5.4. Swap Lines for Four Emerging Markets: October 29, 2008

6. CONCLUSIONS

CHAPTER 8 - Conclusions

1. CONTRIBUTIONS

2. THE FUTURE OF THE UNITED STATES AS ILLR

3. POLICY IMPLICATIONS

4. FINAL THOUGHTS

BIBLIOGRAPHY

APPENDIX.

Notes:

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (ebrary, viewed November 2, 2016).

ISBN:

0-19-060578-2

0-19-060950-8

0-19-060577-4