News vom 10.12.2015
The article examines the transformation of IMF lending policy in the wake of the recent financial crisis. The paper explores the feasibility of Peter Hall’s heuristic on policy learning for the study of the fund’s transformation, discusses its shortcomings, and analyzes the driving forces of change. The reshaping of policy instruments and their underlying ideas was driven by both IMF management and staff and by the member states. It is argued that a change of economic instruments, their setting, and the economic ideas underlying the use of instruments is heading in the direction of a “flexible Keynesianism” as an economic and funding philosophy. However, the shift toward a new paradigm is incoherent since it allows for differential treatment of member states and for flexible adoption of this economic philosophy. A movement toward a new paradigm is in progress, while a paradigm change has not yet materialized.