Explaining organizational outcomes: The International Monetary Fund and capital account liberalization

This article traces the discourse on capital account liberalization in the International Monetary Fund (IMF) during the 1990s. Based on constructivist insights, I argue that rationalist–materialist theories of international organizations neglect the social dynamics of behaviour and change. The empir...

Full description

Autores:
Tipo de recurso:
Fecha de publicación:
2005
Institución:
Universidad del Rosario
Repositorio:
Repositorio EdocUR - U. Rosario
Idioma:
eng
OAI Identifier:
oai:repository.urosario.edu.co:10336/27707
Acceso en línea:
https://doi.org/10.1057/palgrave.jird.1800044
https://repository.urosario.edu.co/handle/10336/27707
Palabra clave:
Capital account
Liberalization
International monetary fund
Social constructivism
Rights
License
Restringido (Acceso a grupos específicos)
id EDOCUR2_c5daba2fab4fc18484dd8b1e04c41328
oai_identifier_str oai:repository.urosario.edu.co:10336/27707
network_acronym_str EDOCUR2
network_name_str Repositorio EdocUR - U. Rosario
repository_id_str
spelling 3256966002020-08-19T14:43:27Z2020-08-19T14:43:27Z2005-04-01This article traces the discourse on capital account liberalization in the International Monetary Fund (IMF) during the 1990s. Based on constructivist insights, I argue that rationalist–materialist theories of international organizations neglect the social dynamics of behaviour and change. The empirical focus is on the transformation of IMF policy and discourse towards emphasizing the liberalization of international capital movements. External factors do not explain the rise of the discourse within the IMF. For that, I refer to the role of organizational culture as the crucial variable. However, the attempt to institutionalize capital account liberalization at the global level failed in the wake of the Asian financial crisis. In the second part, I explore the political decision-making process in the Fund's Board of Executive Directors in order to shed light on the different interpretations of the crisis. I find that, far from imposing a single reading of the causes and effects of the crisis, different interpretations were advanced and contested in the deliberations of the Board. Communicative action explains why the Asian crisis constituted the ‘kiss of death’ for the formal institutionalization of the norm of an open capital account at the international level.application/pdfhttps://doi.org/10.1057/palgrave.jird.1800044ISSN: 1408-6980EISSN: 1581-1980https://repository.urosario.edu.co/handle/10336/27707engSprnger NaturePalgrave261Journal of International Relations and DevelopmentVol. 8Journal of International Relations and Development, ISSN: 1408-6980 ; EISSN: 1581-1980, Vol.8 (2005); pp. 1–26https://link.springer.com/article/10.1057/palgrave.jird.1800044Restringido (Acceso a grupos específicos)http://purl.org/coar/access_right/c_16ecJournal of International Relations and Developmentinstname:Universidad del Rosarioreponame:Repositorio Institucional EdocURCapital accountLiberalizationInternational monetary fundSocial constructivismExplaining organizational outcomes: The International Monetary Fund and capital account liberalizationExplicando los resultados organizacionales: el Fondo Monetario Internacional y la liberalización de la cuenta de capitalarticleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Leiteritz, Ralf Juan10336/27707oai:repository.urosario.edu.co:10336/277072020-08-19 09:43:27.28https://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.co
dc.title.spa.fl_str_mv Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
dc.title.TranslatedTitle.spa.fl_str_mv Explicando los resultados organizacionales: el Fondo Monetario Internacional y la liberalización de la cuenta de capital
title Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
spellingShingle Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
Capital account
Liberalization
International monetary fund
Social constructivism
title_short Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
title_full Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
title_fullStr Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
title_full_unstemmed Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
title_sort Explaining organizational outcomes: The International Monetary Fund and capital account liberalization
dc.subject.keyword.spa.fl_str_mv Capital account
Liberalization
International monetary fund
Social constructivism
topic Capital account
Liberalization
International monetary fund
Social constructivism
description This article traces the discourse on capital account liberalization in the International Monetary Fund (IMF) during the 1990s. Based on constructivist insights, I argue that rationalist–materialist theories of international organizations neglect the social dynamics of behaviour and change. The empirical focus is on the transformation of IMF policy and discourse towards emphasizing the liberalization of international capital movements. External factors do not explain the rise of the discourse within the IMF. For that, I refer to the role of organizational culture as the crucial variable. However, the attempt to institutionalize capital account liberalization at the global level failed in the wake of the Asian financial crisis. In the second part, I explore the political decision-making process in the Fund's Board of Executive Directors in order to shed light on the different interpretations of the crisis. I find that, far from imposing a single reading of the causes and effects of the crisis, different interpretations were advanced and contested in the deliberations of the Board. Communicative action explains why the Asian crisis constituted the ‘kiss of death’ for the formal institutionalization of the norm of an open capital account at the international level.
publishDate 2005
dc.date.created.spa.fl_str_mv 2005-04-01
dc.date.accessioned.none.fl_str_mv 2020-08-19T14:43:27Z
dc.date.available.none.fl_str_mv 2020-08-19T14:43:27Z
dc.type.eng.fl_str_mv article
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_6501
dc.type.spa.spa.fl_str_mv Artículo
dc.identifier.doi.none.fl_str_mv https://doi.org/10.1057/palgrave.jird.1800044
dc.identifier.issn.none.fl_str_mv ISSN: 1408-6980
EISSN: 1581-1980
dc.identifier.uri.none.fl_str_mv https://repository.urosario.edu.co/handle/10336/27707
url https://doi.org/10.1057/palgrave.jird.1800044
https://repository.urosario.edu.co/handle/10336/27707
identifier_str_mv ISSN: 1408-6980
EISSN: 1581-1980
dc.language.iso.spa.fl_str_mv eng
language eng
dc.relation.citationEndPage.none.fl_str_mv 26
dc.relation.citationStartPage.none.fl_str_mv 1
dc.relation.citationTitle.none.fl_str_mv Journal of International Relations and Development
dc.relation.citationVolume.none.fl_str_mv Vol. 8
dc.relation.ispartof.spa.fl_str_mv Journal of International Relations and Development, ISSN: 1408-6980 ; EISSN: 1581-1980, Vol.8 (2005); pp. 1–26
dc.relation.uri.spa.fl_str_mv https://link.springer.com/article/10.1057/palgrave.jird.1800044
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_16ec
dc.rights.acceso.spa.fl_str_mv Restringido (Acceso a grupos específicos)
rights_invalid_str_mv Restringido (Acceso a grupos específicos)
http://purl.org/coar/access_right/c_16ec
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.spa.fl_str_mv Sprnger Nature
Palgrave
dc.source.spa.fl_str_mv Journal of International Relations and Development
institution Universidad del Rosario
dc.source.instname.none.fl_str_mv instname:Universidad del Rosario
dc.source.reponame.none.fl_str_mv reponame:Repositorio Institucional EdocUR
repository.name.fl_str_mv Repositorio institucional EdocUR
repository.mail.fl_str_mv edocur@urosario.edu.co
_version_ 1818106642577752064