12월 8일(금)에 진행되는 해외학자 콜로키움에 여러분을 초대합니다. 

제목: Do International Bureaucrats Matter? Theory and Evidence from the International Monetary Fund
연사: Amanda Kennard (Stanford University)
Date: December 8, 2023 (Friday 09:30)
Place: Zoom 강연
- Zoom Information
Topic: Soodang Distinguished Speaker Series
Meeting ID: 810 4318 7003
Passcode: KUpol1905!
 
Abstract
Scholars of international cooperation argue that member states delegate decision making authority to international organizations (IOs) as a commitment to non-interference. We argue this logic conflates the objects of delegation with the mechanisms by which delegation is made credible. Member states delegate decision making authority to international bureaucrats. This delegation is made credible by institutional features of the relevant IO. Where delegation is credible, individual bureaucrats will exercise an independent impact on policy making. We test the credibility of delegation within the International Monetary Fund (IMF). We develop a formal model of bureaucratic appointments, characterize their equilibrium impact on market valuations of sovereign debt, and provide causal estimates of this impact employing event study methods. Our analytical results provide a direct test of the credibility of delegation as well as a transparent theoretical interpretation of the causal estimand. We find strong and consistent support for the credibility of delegation within the IMF.