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The IMF doesn't have enough firepower to deal with a crisis of global proportions. There is also a problem with traditional IMF conditionality.
A few points 1/
@stephanygj @KevinPGallagher @JoseA_Ocampo @elinaribakova @MarcosBuscaglia https://www.ft.com/content/7d386d88-615e-45b9-8072-037f5d55dd50
A few points 1/
@stephanygj @KevinPGallagher @JoseA_Ocampo @elinaribakova @MarcosBuscaglia https://www.ft.com/content/7d386d88-615e-45b9-8072-037f5d55dd50
As shown by @TrumanTed, the total resources potentially available to the @IMFNews are less than $800 billion. 2/ https://www.piie.com/blogs/realtime-economic-issues-watch/imf-will-need-more-resources-fight-covid-19-pandemic
With @KevinPGallagher, H Gao, @WilliamNKring & @JoseA_Ocampo, I show that the entire Global Financial Safety Net is insufficiently resourced and patchy.
3/
http://www.bu.edu/gdp/files/2020/04/GEGI-GDP_WorkingPaper_0037_r01.pdf
3/
http://www.bu.edu/gdp/files/2020/04/GEGI-GDP_WorkingPaper_0037_r01.pdf
A large-scale SDR issuance is still by far the most sensible solution, as many of us, incl @Brad_Setser @TrumanTed @MarcosBuscaglia @KevinPGallagher @JoseA_Ocampo, have argued. 4/ https://www.brookings.edu/blog/future-development/2020/03/26/imf-special-drawing-rights-a-key-tool-for-attacking-a-covid-19-financial-fallout-in-developing-countries/
US and India are opposing an SDR issuance. The int'l community should continue to call on them to make it happen, in their enlightened self-interest. 5/5 https://www.ft.com/content/9cb75566-bfd2-4f25-81f7-55780ebdaa3d
