Covid-19 Pandemic and the Fiscal Strategy of the International Monetary Fund: Towards New Directions in the Global Political Economy?

Authors

  • Francesco Amoretti University of Salerno
  • Adriano Cozzolino University of Campania "Luigi Vanvitelli"
  • Diego Giannone University of Campania "Luigi Vanvitelli"

DOI:

https://doi.org/10.1285/i20356609v14i1p38

Keywords:

Covid-19, International Monetary Fund, Fiscal Policy, Planning, State intervention

Abstract

This article seeks to contribute to the analyses of the impact of the Covid-19 on the global political economy. It does so through a qualitative content analysis of the key policy documents published by the International Monetary Fund (IMF) since the outbreak of the pandemic crisis. The IMF has been, historically, one of the main designers of international macroeconomic governance. The paper focuses on fiscal policy, which retains a central place in the strategy of the IMF to deal with the pandemic and especially for the post-pandemic recovery phase. The analysis of the documents of the IMF contributes (i) to appreciate the interpretation of the nature of the pandemic crisis through the lenses of a prominent international financial institution, (ii) to explore the policy strategy outlined to deal with the pandemic emergency, (iii) to assess possible changes at the level of policy, and accordingly, future directions in global political economy. Evidence suggests that fiscal stimulus, public investment and planning will likely have a prominent position in the future directions of the IMF policy advice.

Author Biographies

Francesco Amoretti, University of Salerno

Francesco Amoretti is Professor of Political Science at the University of Salerno. He is Vice Dean of the Italian Political Science Association (SISP), and Director of the Internet and Communication Policy Center (ICPC). His most recent publications include: “Sovranità (con)tese. Le Digital Corporations nello spazio pubblico globale” (with M. Santaniello), in F. Tuccari and G. Borgognone (eds.), La sovranità. Trasformazioni e crisi in età contemporanea (Carocci 2021); “Introduzione”, in Amoretti, F. (ed.), Per una cultura della sicurezza democratica. Il contributo dei saperi universitari (Rubbettino, 2021); Da Euroscettici convinti ad euroscettici arrabbiati. La parabola degli orientamenti dell’opinione pubblica verso la UE (with D. Fracchiolla), in Giannone, D. e Cozzolino, A. (eds.). Fratture nell’Unione. L’Europa dentro le crisi del XXI secolo (Mimesis, 2020).

Adriano Cozzolino, University of Campania "Luigi Vanvitelli"

Adriano Cozzolino is post-doctoral researcher at the University of Campania “L. Vanvitelli”, Italy. He is the Director of the Center for European Futures (CEF). His most recent publications include: “The discursive construction of Europe in Italy in the Age of Permanent Austerity” (Journal of Common Market Studies, 2020); “La costruzione dell’Europa nella narrazione del Presidente della Repubblica. Uno studio esplorativo sui discorsi di fine anno (1949-2019)” (with D. Giannone, Quaderni di scienza politica, 2021), and the monograph Neoliberal Transformations of the Italian State: Understanding the Roots of the Crises (Rowman&Littlefield, 2021).

Diego Giannone, University of Campania "Luigi Vanvitelli"

Diego Giannone is Associate Professor of Political Science at the University of Campania “L. Vanvitelli”, Italy. His main research interests focus on the neoliberalization of the State, the political dimension of evaluation, and the transformations of the Presidency of Italian Republic. His latest publications include: “State transformations and neoliberalization in Italy: A critical discourse analysis of governments’ political economy, 1988-2009” (with A. Cozzolino, New Political Science, 2019), the monograph In perfetto Stato (Mimesis, 2019), and the volume Fratture nell'Unione. L’Europa dentro le crisi del XXI secolo (with A. Cozzolino, eds., Mimesis 2020).

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Published

24-06-2021

Issue

Vol. 14, No. 1 (2021). Special Issue on: "Covid-19 and the Structural Crisis of Liberal Democracies"

Section

Special Issue

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