Comparative Analysis of the Impact of IMF Reforms on Developing and Developed Countries

Authors

DOI:

https://doi.org/10.31637/epsir-2024-1544

Keywords:

International Monetary Fund, Stability, Development, Impact, Economic Policies, Reforms, International Monetary System, Surveillance

Abstract

Introduction: The International Monetary Fund (IMF) plays an essential role in global financial stability through its reforms. These impact both developing and developed countries. While developed countries benefit in terms of regulation and competitiveness, developing countries face challenges related to poverty, infrastructure, and macroeconomic stability. The document analyzes the importance of IMF reforms, focusing on the supervision of the international monetary system and its surveillance mechanisms. It also examines recent changes in the IMF's surveillance approach and practices. Methodology: A review of the literature and case studies on IMF reforms was conducted, along with an analysis of data on its economic supervision. This allowed for a comparison of the impacts on developing and developed countries. Results: IMF reforms focused on macroeconomic stabilization and poverty in developing countries, and on financial regulation and competitiveness in developed countries. Tailoring policies to the specific needs of each country is key. Discussion: IMF reforms are essential, but their effectiveness varies depending on the context. Developed countries adapt more quickly than developing ones. Conclusions:
A more equitable and adapted approach is needed. Greater participation of developing countries is recommended, along with continued multilateral surveillance.

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Author Biographies

Mario Francisco Cuvi Santacruz, Universidad de Córdova

Lawyer of the Courts and Tribunals of the Republic of Ecuador by the Universidad de Especialidades Espíritu Santo (UEES), Master of Laws (LL.M.) by the University of Melbourne (Unimelb), and Doctorate in Social and Legal Sciences by the University of Cordoba (UCO). Former Dean of the Faculty of Law and Governance at ECOTEC University, where he promoted academic improvement and institutional growth, achieving a significant increase in enrollment and international accreditation. Currently, he serves as Director of Graduate and Continuing Education at the same university, leading advanced training and professionalization programs. His career includes an outstanding work in the public sector, as Vice Minister of Government of Ecuador and Minister of Government. In addition, he has solid experience in consulting, advising public and private entities in arbitration, mediation, public-private partnerships, international law, investment and technology. He is also a professor and researcher, with academic publications and contributions in legislative and regulatory projects of great relevance for the country. He is a professor and researcher, with academic publications in several international indexes, as well as contributions in legislative and regulatory projects of great relevance for the country.

Angie Gabriela Sánchez Erazo, Universidad Ecotec

Lawyer of the Courts and Tribunals of the Republic of Ecuador by the University of Guayaquil (UG), Master in International Trade Law by the International University of La Rioja (UNIR), Specialist in Sustainability and Corporate Social Responsibility, and Specialist in Compliance and Anti-Corruption by the International University Sek (UISEK). Currently, she is a Doctoral Candidate in Economic and Business Law at the Universidad Internacional Iberoamericana (UNINI). She is a Researcher and Professor at Universidad Ecotec. In addition, she has published books and academic articles in various areas of law, with a focus on international trade, sustainability and regulatory compliance.

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Published

2024-09-23

How to Cite

Cuvi Santacruz, M. F. ., & Sánchez Erazo, A. G. (2024). Comparative Analysis of the Impact of IMF Reforms on Developing and Developed Countries. European Public & Social Innovation Review, 9, 1–14. https://doi.org/10.31637/epsir-2024-1544

Issue

Vol. 9 (2024)

Section

INNOVATING IN TRADITIONAL AND DISRUPTIVE ECONOMY

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Copyright (c) 2024 Mario Francisco Cuvi Santacruz, Mario Francisco Cuvi Santacruz

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