Pleased to post new paper on IMF policy reforms and debt restructuring -- lending into arrears, financing assurances, etc. Tho complex, these changes hold the prospect of speeding lending to debtor countries, reducing financial losses, and socializing non-Paris Club creditors into the process.
The Common Framework for Sovereign Debt Restructuring provides a process for easing debt burdens on low-income countries but has operated too slowly for the four countries that have so far sought reli...
We heartily thank Alison Johnston, @hozic.bsky.social @RIPEJournal editorial team and our reviewers, especially our enormously constructive macroreviewer, whoever they might be!
We invite scholars to investigate similar dynamics in other of regime complexes, further develop measures of hierarchy and differentiation, examine accountability and legitimacy in complexes, and expand on our conjectures about the evolution of complexes over time.
Finally, I test the framework theory against three regional complexes for crisis finance in East Asia, Latin America and Europe, finding it generally holds. The single anomaly (adjustment in euro area) is explained by inter-institutional collaboration. www.tandfonline.com/doi/full/10....
Tyler Pratt argues that, when institutions are differentiated by value (benefits increase as rules become more rigorous), institutional overlap can actually increase policy adjustment, shown by election observation and carbon offsets. www.tandfonline.com/doi/full/10....
@stephofmann @patrykpawlak explore emergence of complexes in entirely new issue areas, focusing on cyberspace. Resourceful governments reconfigure policy frames in new/existing institutions to build coalitions, reducing differentiation. www.tandfonline.com/doi/full/10....