Anton K. BAKHTINMoscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation anton.bakhtin.2000@mail.ru ORCID id: not available
Subject. This article analyzes the anti-recessionary policy of the International Monetary Fund in a number of European countries and measures to prevent the aggravation of crises in Greece and Cyprus. Objectives. The article aims to assess the measures developed and proposed by the IMF to overcome the crisis in Greece and Cyprus. Methods. For the study, I used deduction and induction, as well as econometric least squares modeling. Results. The article identifies the main causes of instability in Greece and Cyprus and describes the measures proposed by the IMF to address the consequences of these crisis situations. Relevance. The results obtained develop the theory of international borrowing and can be used in the development of a strategy for cooperation between the State and the IMF.
Keywords: International Monetary Fund, IMF, antirecession policy, Greece, Cyprus
References:
Kaminsky G.L., Reinhart C.M. The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. The American Economic Review, 1999, vol. 89, no. 3, pp. 473–500. URL: Link
Claessens S., Kose A. Financial Crises Explanations, Types, and Implications. IMF Working Paper, 2013, vol. 2013/028, 66 p. URL: Link
Slaessens S., Kose M.A., Laeven L., Valencia F. Understanding financial crises: Causes, consequences and policy response. CAMA Working Paper, 2013, vol. 05/2013, 21 p. URL: Link
Kose M.A., Terrones M. Collapse and Revival. Understanding Global Recessions and Recoveries. International Monetary Fund, 2015, 292 p. URL: Link
Frankel J.A., Wie S.-J. Managing Macroeconomic Crises. NBER Working Paper, 2004, no. 10907, 86 p. URL: Link
Abakumov K.S., Ivanova L.N. [From the history of financial crises]. Vestnik OmGU. Seriya: Ekonomika = Bulletin of OmSU. Series: Economics, 2011, no. 4, pp. 161–166. URL: Link (In Russ.)
Vasina E.V. [Global financial crises and their types]. Vestnik MGIMO = MGIMO Bulletin, 2015, no. 4, pp. 271–277. (In Russ.) URL: Link
Danil'chenko A.V. [Effectiveness of post-crisis regulation of financial markets]. Ekonomika, predprinimatel'stvo i pravo = Economics, Entrepreneurship and Law, 2023, vol. 13, no. 10, pp. 4461–4482. (In Russ.) URL: Link
Kuznetsov V.S. Mezhdunarodnyi valyutnyi fond i mirokhozyaistvennye svyazi [International Monetary Fund and world economic relations]. Moscow, ROSSPEN Publ., 2001, 432 p.
Mazurova E.K. [Anti-crisis regulation of the International Monetary Fund]. Vestnik Moskovskogo universiteta. Seriya 6: Ekonomika = Bulletin of the Moscow University. Episode 6: Economics, 2012, no. 3, pp. 12–20. (In Russ.) URL: Link
Shcherbak I.N. Antikrizisnaya strategiya mezhdunarodnykh organizatsii [Anti-crisis strategy of international organizations]. Moscow, MGIMO-Universitet Publ., 2022, 198 p. URL: Link
Berg A., Borensztein E., Pattillo C. Assessing Early Warning Systems: How Have They Worked in Practice? IMF Staff Papers, 2004, vol. 52, no. 3, pp. 462–502.
Borio C., Drehmann M., Xia D. Predicting Recessions: Financial Cycle versus Term Spread. BIS Working Paper, 2019, no. 818, 29 p. URL: Link
Edison H.J. Do indicators of financial crises work? An evaluation of an early warning system. International Finance Discussion Paper, 2000, no. 675, 84 p. URL: Link
Beutel J., List S., von Schweinitz G. An Evaluation of Early Warning Models for Systemic Banking Crises: Does Machine Learning Improve Predictions? Deutsche Bundesbank Discussion Paper, 2018, no. 48/2018, 49 p. URL: Link
Khmyz O.V. [The problem of reforming the IMF]. Finansovyi biznes = Financial Business, 2009, no. 6, pp. 47–52. (In Russ.)
Khlebnikova D.V. [On the issue of reforming the International Monetary Fund]. Den'gi i kredit = Money and Credit, 2014, no. 10, pp. 60–65. (In Russ.) URL: Link
Il'in E.Yu. [Participation of the International Monetary Fund, the Group of Twenty and the EU in reforming the global regulatory system]. Vestnik MGIMO Universiteta = Bulletin of MGIMO University, 2014, no. 1, pp. 80–87. URL: Link (In Russ.)
Khmyz O.V. [Problems of reforming the global monetary and financial architecture]. Ekonomika. Nalogi. Pravo = Economy. Taxes. Law, 2016, vol. 9, no. 2, pp. 30–35. (In Russ.) URL: Link
Demirguc-Kunt A., Detragiache E. The Determinants of Banking Crises in Developed and Developing Countries. IMF Staff Paper, 1998, vol. 45, no. 1, pp. 81–109. URL: Link
Spiridonova T.S. [The specific role of the International Monetary Fund in modern conditions]. Finansovyi biznes = Financial Business, 2014, no. 2, pp. 61–66. (In Russ.) URL: Link
Levkovich A.P. [Monetary and financial crises in developing countries: causes, features of the course, mechanisms of counteraction]. Vestnik Belorusskogo gosudarstvennogo ekonomicheskogo universiteta = Bulletin of Belarusian State University of Economics, 2023, no. 1, pp. 5–17. (In Russ.)
Medvedeva M.B., Khomyakova L.I., Zvereva A.D. [The IMF's activities in providing financial assistance to countries affected by the COVID-19 pandemic]. Voprosy regional'noi ekonomiki = Regional Economic Issues, 2021, no. 3, pp. 137–146. (In Russ.) URL: Link
Broome A. The International Monetary Fund, crisis management and the credit crunch. Australian Journal of International Affairs, 2010, vol. 64, no. 1, pp. 37–54. URL: Link
Rachek M.S. [The legal status of the International Monetary Fund and its role in the modern political landscape]. Russian Economic Bulletin, 2021, vol. 4, no. 1, pp. 147–155. (In Russ.) URL: Link
Zahariadis N. Greece’s Debt Crisis: A National Tragedy of European Proportions. Mediterranean Quarterly, 2010, vol. 21, no. 4, pp. 34–58. URL: Link
Komarovskaya N.V. [The fiasco of the state: the Greek crisis in the context of the theory of public choice]. Gorizonty ekonomiki, 2018, no. 5, pp. 159–163. (In Russ.)
Aleksandrova A.K. [The main problems of the Greek economy: on the causes of the modern crisis in Greece]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2013, no. 36, pp. 107–129. (In Russ.) URL: Link
Kvashnin Yu.A. [The Republic of Cyprus as a transshipment base for foreign capital]. Kontury global'nykh transformatsii: politika, ekonomika, pravo, 2018, no. 1, pp. 170–184. (In Russ.) URL: Link
Bobrov A. [Greece and Cyprus in the context of the debt crisis: comparative analysis]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2019, vol. 63, no. 12, pp. 84–89. URL: Link (In Russ.)
Zakhartsova A.S. [The effectiveness of IMF loans to Argentina and Ecuador]. Latinskaya Amerika = Latin America, 2020, no. 8, pp. 47–59. (In Russ.) URL: Link
Stiglitz J.E. Globalization and Its Discontents. W.W.W. Norton & Co., 2003, 304 p. URL: Link
Spiridonova T.S. [The relationship between the IMF, Ukraine and Russia]. Bankovskoe delo = Banking, 2015, no. 1, pp. 37–41. (In Russ.) URL: Link
Soltakhanov A.U., Chibisov O.V. [The role of financial and credit mechanisms used by the IMF in the crisis of the global financial system]. TDR, 2013, no. 6, pp. 82–83. (In Russ.) URL: Link
Chizhova M.K. [Fundamental principles of interest rate formation]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2021, no. 5, pp. 1241–1244. (In Russ.) URL: Link
Darvas Z., Claeys D. The Financial Stability risks of ultra-loose monetary policy. Bruegel Policy Contribution, 2015, no. 3, pp. 1–16. URL: Link
