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A Kinder, Gentler IMF?

By Daniel McDowell 06 Oct 2009 | World Politics Review The IMF has recently responded to criticisms of its policies toward the world's least developed countries by reforming its approach to "development" lending. The new lending facilities introduced by the fund appear to be part of a larger "rebranding" effort, designed to promote a kinder, gentler image. But are the new terms available to the world's poorest economies really any friendlier?

Pittsburgh G-20 Summit Favors 'the Rest' over the West

By Daniel McDowell 28 Sep 2009 | World Politics Review After two days of high-profile meetings and deliberation last week, the G-20 managed to make official something everyone already knew: the United States and Europe can no longer effectively manage the whims of the global economy on their own. To that end, the group reached consensus on two major fronts, both shifting power within global financial governance from the West to "the Rest."

Regulation to Dominate Pittsburgh G-20 Agenda

By Daniel McDowell 23 Sep 2009 | World Politics Review At the time of the London G-20 Summit in April, the world was still in the throes of an unfolding crisis, leading the group to adopt a triage strategy to keep the global economy from flat-lining. At Pittsburgh, the agenda will be decidedly different. With many now declaring that the worst is over, attendees will be spending more time wrangling over how to stop such a crisis from happening again.

The 'Global Central Bank' Pipe Dream

By Daniel McDowell 14 Sep 2009 | World Politics Review Last week, the United Nations Conference on Trade and Development issued a report calling for a global reserve bank with the power to issue its own currency, to monitor its members' national exchange rates, and to prop up or push down their currencies. Setting aside the economics of the debate, what is the political feasibility of these proposals? History may help to answer this question.

BRICs Can't Build Strong Consensus on Dollar

By Daniel McDowell 17 Jun 2009 | World Politics Review When leaders of the BRIC countries met on Tuesday for the group's first full-format summit, many observers expected them to use the meeting to question the dollar's continued role as the leading international reserve currency. Instead, the group only managed a weak statement on the global currency system, revealing a potential gap between Moscow and Beijing's positions.

Liquidity Swaps Presage Battle for Currency Supremacy

By Daniel McDowell 22 May 2009 | World Politics Review Recently, the United States, Japan, and China have become very generous toward countries in need of cash, opening up a bevy of new bilateral currency swap arrangements. At first glance, this may seem to be a positive example of great-power cooperation in the face of a collective threat. A closer look, however, reveals that their intentions may be far more self-interested than they initially appear.

A Crowded Field: The Financial Crisis and Global Governance

By Daniel McDowell 14 Apr 2009 | World Politics Review Amid the most severe crisis the world economy has seen in nearly a century, the International Monetary Fund finds itself between danger and opportunity: Danger lurks in emergent alternatives to the fund; opportunity lies in reform. Despite its renewed relevance, it is far from certain that the fund will continue to fulfill its role unchallenged.

G-20 Economic Summit: Faster, Higher, Stronger?

By Daniel McDowell 03 Apr 2009 | World Politics Review If the G-20 summit on the global economic crisis were a preview of the 2012 London Olympics, no single country emerged atop the podium. Instead, by the end of the conference the clearest winner appeared to be the International Monetary Fund. Still, if the world's rising economic powers did not leave with any immediate tangible gains, they did book a substantial I.O.U. in return for their cooperation.

IMF: Brother, Can You Spare a Billion?

By Daniel McDowell 05 Mar 2009 | World Politics Review For the IMF, the global economic downturn could not have come soon enough. Two years ago, the fund's lending portfolio was a scanty $13 billion, down from $100 billion in 2003, and the institution's revenue stream had slowed to a trickle. But if the current crisis marks the IMF's return, its magnitude has led many to question whether the organization has enough capital to maintain global economic stability.

Towards a Post-Bretton Woods Global Financial Architecture

By Daniel McDowell 04 Feb 2009 | World Politics Review Since 1944, America's position within the International Monetary Fund has given it tremendous influence over national and international financial markets. Increasingly, however, this influence has been met with resistance in some parts of the world. As a result, despite a recent resurgence in the face of the global financial crisis, the IMF is today facing a serious challenge to its status as the world's lender of last resort.