PAST EVENTS
Workshop IMF Interventions in Portugal in the 1970s and 1980s
In the last decades, it was thought that the Portuguese economy would not need any more International Monetary Fund (IMF) financial assistance, but in fact, twenty five years after its previous intervention (1983-1985), Portugal accepted again such assistance (now in coordination with the European Commission and the European Central Bank). Contrary to conventional wisdom, Portugal had to pass through four, rather than three, external interventions of a similar sort in the last forty years: in 1977-78, in 1978-79, in 1983-1985, and in 2011-2014. The second and the third are those historically better known and are generally considered to have been a "success". Opinions on the latest intervention are, however, somewhat mixed. Despite the general impression of success of the 1978-79 and 1983-1985 interventions, very few works have dealt with them. In this workshop we will present and discuss the first results of a research project dedicated to the study of those interventions. A first comparison with the 2011-2014 intervention will also be tried.
Programme:
9.30-11.00
Luciano Amaral (Nova SBE, Lisbon), Álvaro Ferreira da Silva (Nova SBE, Lisbon) and Duncan Simpson (ICS – ULisbon), “A Long International Monetary Fund Intervention: Portugal 1975-1979”
11.00-11.30
Coffee-Break
11.30-13.00
Sandra Hahn (ISEG, Lisbon), “A Bibliographical Review Essay on International Monetary Fund Interventions, from the 1960s to the twenty-first century”
13.00-14.30
Lunch
14.30-16.00
Paulo Rodrigues (Nova SBE, Lisbon) and Luciano Amaral (Nova SBE, Lisbon), “The effects of the 1975-1979 International Monetary Fund Programmes on the Portuguese Economy: a First Statistical Approach”
16.00-16.30
Coffee-Break
16.30-18.00
Nuno Alves (Bank of Portugal), “An Overview of the 2011-2014 Programme in Portugal”
Dane Rowlands (Carleton University, Ottawa) and Jan-Egbert Sturm (ETH, Zürich) will be present to discuss the papers.
Organisers:
• Luciano Amaral (Nova SBE, Lisbon),
• Álvaro Ferreira da Silva (Nova SBE, Lisbon)
With the support of Fundação para a Ciência e Tecnologia, Nova School of Business and Economics and Instituto de Ciências Sociais of the University of Lisbon.
Workshop IMF Interventions in Portugal in the 1970s and 1980s
- Type: Workshop
- Location: Carcavelos, Portugal
- Nova School of Business and Economics
- Time: Thursday, 5 March 2020
In the last decades, it was thought that the Portuguese economy would not need any more International Monetary Fund (IMF) financial assistance, but in fact, twenty five years after its previous intervention (1983-1985), Portugal accepted again such assistance (now in coordination with the European Commission and the European Central Bank). Contrary to conventional wisdom, Portugal had to pass through four, rather than three, external interventions of a similar sort in the last forty years: in 1977-78, in 1978-79, in 1983-1985, and in 2011-2014. The second and the third are those historically better known and are generally considered to have been a "success". Opinions on the latest intervention are, however, somewhat mixed. Despite the general impression of success of the 1978-79 and 1983-1985 interventions, very few works have dealt with them. In this workshop we will present and discuss the first results of a research project dedicated to the study of those interventions. A first comparison with the 2011-2014 intervention will also be tried.
Programme:
9.30-11.00
Luciano Amaral (Nova SBE, Lisbon), Álvaro Ferreira da Silva (Nova SBE, Lisbon) and Duncan Simpson (ICS – ULisbon), “A Long International Monetary Fund Intervention: Portugal 1975-1979”
11.00-11.30
Coffee-Break
11.30-13.00
Sandra Hahn (ISEG, Lisbon), “A Bibliographical Review Essay on International Monetary Fund Interventions, from the 1960s to the twenty-first century”
13.00-14.30
Lunch
14.30-16.00
Paulo Rodrigues (Nova SBE, Lisbon) and Luciano Amaral (Nova SBE, Lisbon), “The effects of the 1975-1979 International Monetary Fund Programmes on the Portuguese Economy: a First Statistical Approach”
16.00-16.30
Coffee-Break
16.30-18.00
Nuno Alves (Bank of Portugal), “An Overview of the 2011-2014 Programme in Portugal”
Dane Rowlands (Carleton University, Ottawa) and Jan-Egbert Sturm (ETH, Zürich) will be present to discuss the papers.
Organisers:
• Luciano Amaral (Nova SBE, Lisbon),
• Álvaro Ferreira da Silva (Nova SBE, Lisbon)
With the support of Fundação para a Ciência e Tecnologia, Nova School of Business and Economics and Instituto de Ciências Sociais of the University of Lisbon.
The International Monetary Fund in Europe: Interventions in Developed Countries (Past and Present)
Type: International ONLINE conference
Time: 26 March 2021
Please find below the link for the conference The IMF in Europe. Access is free, with no password required.
https://videoconf-colibri.zoom.us/j/82000144601
Check the programme here
Since the 1980s that the International Monetary Fund (IMF) has specialised in interventions in developing countries. But that was not the typical situation in the previous 40 years of existence of the organisation. From 1945 to the 1980s the IMF signed Stand-by arrangements with both developing and developed countries and conducted sometimes quite large adjustment programmes in the latter (such as those in Italy and the UK in 1977). Those interventions were much lighter in terms of conditionality than what became common after the 1980s: their main purpose was to give quick support to countries facing balance of payments crises in order to help them keep the par value of their exchange rates within the context of the Bretton Woods system. As this system unravelled in the 1970s and developed countries could find funding in the international financial market, the IMF stopped supporting them. Instead, most of its activities started to concentrate in developing countries. From then on, conditionality became much heavier, with considerably more stress being put on structural reforms conductive to long-run economic growth, having in mind the inefficiencies typical of developing countries. It was with this expertise that the IMF was called again to intervene in developed countries in the recent European crisis. Cyprus, Greece, Portugal and Ireland, all four signed agreements with the IMF (this time together with the European Commission and the European Central Bank) between 2010 and 2014. How did the IMF’s expertise in issues of developing countries adapt to crises in developed countries, furthermore inserted in a monetary union? What was the impact of both past and present IMF interventions in Europe in economic, social, institutional and political terms?
Keynote lecture: Dane Rowlands (Norman Patterson School of International Affairs, Carleton University, Ottawa, Canada)
Organisers: Luciano Amaral (Nova School of Business and Economics, Lisbon, Portugal) and Pedro Lains (Instituto de Ciências Sociais, University of Lisbon, Portugal)
Scientific Committee:
José M. Tavares (Nova School of Business and Economics, Lisbon, Portugal),
Susana Peralta (Nova School of Business and Economics, Lisbon, Portugal),
Luís Sousa (Instituto de Ciências Sociais, University of Lisbon, Portugal),
Lea Heyne (Instituto de Ciências Sociais, University of Lisbon, Portugal)
With the support of Fundação para a Ciência e Tecnologia, Nova School of Business and Economics and Instituto de Ciências Sociais of the University of Lisbon.
Type: International ONLINE conference
Time: 26 March 2021
Please find below the link for the conference The IMF in Europe. Access is free, with no password required.
https://videoconf-colibri.zoom.us/j/82000144601
Check the programme here
Since the 1980s that the International Monetary Fund (IMF) has specialised in interventions in developing countries. But that was not the typical situation in the previous 40 years of existence of the organisation. From 1945 to the 1980s the IMF signed Stand-by arrangements with both developing and developed countries and conducted sometimes quite large adjustment programmes in the latter (such as those in Italy and the UK in 1977). Those interventions were much lighter in terms of conditionality than what became common after the 1980s: their main purpose was to give quick support to countries facing balance of payments crises in order to help them keep the par value of their exchange rates within the context of the Bretton Woods system. As this system unravelled in the 1970s and developed countries could find funding in the international financial market, the IMF stopped supporting them. Instead, most of its activities started to concentrate in developing countries. From then on, conditionality became much heavier, with considerably more stress being put on structural reforms conductive to long-run economic growth, having in mind the inefficiencies typical of developing countries. It was with this expertise that the IMF was called again to intervene in developed countries in the recent European crisis. Cyprus, Greece, Portugal and Ireland, all four signed agreements with the IMF (this time together with the European Commission and the European Central Bank) between 2010 and 2014. How did the IMF’s expertise in issues of developing countries adapt to crises in developed countries, furthermore inserted in a monetary union? What was the impact of both past and present IMF interventions in Europe in economic, social, institutional and political terms?
Keynote lecture: Dane Rowlands (Norman Patterson School of International Affairs, Carleton University, Ottawa, Canada)
Organisers: Luciano Amaral (Nova School of Business and Economics, Lisbon, Portugal) and Pedro Lains (Instituto de Ciências Sociais, University of Lisbon, Portugal)
Scientific Committee:
José M. Tavares (Nova School of Business and Economics, Lisbon, Portugal),
Susana Peralta (Nova School of Business and Economics, Lisbon, Portugal),
Luís Sousa (Instituto de Ciências Sociais, University of Lisbon, Portugal),
Lea Heyne (Instituto de Ciências Sociais, University of Lisbon, Portugal)
With the support of Fundação para a Ciência e Tecnologia, Nova School of Business and Economics and Instituto de Ciências Sociais of the University of Lisbon.