COMPARATIVE INSTITUTIONAL ANALYSIS: The Politics of International Finance. James Raymond Vreeland School of Foreign Service Georgetown University. What did we learn so far?. Trilemma Bretton Woods: its causes & its collapse Politicians care about survival Economic growth important
James Raymond Vreeland
School of Foreign Service
Which will have the most stable policies?
By definition of “veto player,” unanimity between such players is required for policy change.
Figure 1: The logic of bringing in the IMF
Payoff to veto player
-1 (change policy)
Without the IMF
0 (maintain the status quo)
With the IMF
-1 (change policy) + loan
-r (reject the IMF)
Thank you who prefers less “reform” than the executive.WE ARE GLOBAL GEORGETOWN!