Political Science

Job Market Title

Contesting the IMF?: Regional Battles for Global Liquidity

Abstract

Regional financial arrangements (RFAs) have existed for decades. Yet the proliferation of RFAs in the wake of the 2007-8 financial crisis and their increasing share of the global financial safety net raises important questions about the RFAs themselves, as well as their influence on the traditional role of the International Monetary Fund (IMF). My dissertation develops an integrative theoretical approach to answer the project's central research question: to what extent do RFAs challenge the role of the IMF as an international lender of last resort? I develop an analytical framework that juxtaposes the institutional design of the RFAs with the public framing of the institutions to identify the variation across this class of institutions. Then, my dissertation identifies the conditions under which RFAs challenge the IMF, as well as the conditions under which the RFAs could cause the pocketed displacement of the IMF. This framework is then deployed to conduct three, in-depth case studies of the Latin American Reserve Fund (FLAR), the Chiang Mai Initiative Multilateralization (CMIM), and the European Stability Mechanism (ESM) and to test the extent to which the RFAs have displaced the role of the IMF.