Jeffrey Franks (IMF)

The global financial crisis has had major economic repercussions, some of which are still felt today. Global debt is at unprecedented levels, economic growth has not recovered to pre-crisis rates, and unemployment is only coming down slowly. During the crisis, many countries had to turn to the IMF for financial assistance to weather balance of payments problems. By providing financing linked to conditionality, IMF programs can help smooth economic adjustment and restore sustainable growth, enabling countries to regain market access. However, most countries’ roads to recovery have been bumpy, with some requiring continued support. To what extent does this reflect the severity of the economic downturn versus the inadequacy of IMF program design? Did IMF programs impose recessionary austerity, slash social spending and weaken social protection? The lecture will address these and other questions by sharing and drawing lessons from the IMF’s recent crisis experience.

Jeffrey Franks is Director of the IMF Europe Office and Senior Resident Representative to the European Union, based in Brussels. A 24 year veteran of the Fund, he has held numerous other assignments, including heading the resident offices in Ukraine and Ecuador, and leading teams on Pakistan, Romania, France, Belgium and Paraguay. He received his PhD in Political Economy and Government from Harvard, and has Master's degree from Princeton and Oxford universities.

Speaker(s): Jeffrey Franks (IMF), Ulrich Volz (SOAS)

Event Date:

15 March 2017

Released by:

SOAS Economics Podcast

This podcast has been edited.