Mapping Elite Academic Economics Networks in the International Monetary Fund

Devika Dutt

This project aims to identify the predominant economic theoretical traditions that influenced and shaped economic policy advice made by the International Monetary Fund (IMF) by identifying academic networks of key economists involved in IMF policy advice and conditions attached to structural adjustment programs. Specifically, the project seeks to identify whether there is a distinct academic economic tradition that can be traced in the formulation of the IMF Institutional View on important policy issues such as IMF debt sustainability analysis and compliance with IMF Articles of Agreement, using a novel network analysis. This is significant as IMF policy and policy views play a substantial role in determining national economic policy and dynamics of sovereign debt, especially by governments in developing countries, and establishing conventional policy wisdom. While existing research has considered some political economy factors in determining continuity and change in intellectual policy framework in international organizations, the role of academic power networks have not been explored in shaping hegemonic economic thought. Research on academic power networks in economics has revealed that there is substantial concentration of academic power in terms of editorship of top journals in the field in a handful of departments in the United States. This project constitutes the first attempt to identify academic economic power networks within economists in the IMF by conducting a network analysis based on archival data from the IMF archives to identify key IMF personnel involved in policy making, their academic training in economics, and mutual connections, and therefore, the influence of different traditions of economic thought. The proposed analysis will help us understand whether the continuity or change in IMF policy is related to the academic networks that are dominant in the IMF.

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