Lesson from History: Navigating Turbulent Waters – The IMF's Role in Global Economic Stabilization

Anggita Farah  Adiba; Putri Kurnia  Sari; Ina  Urifah

doi:10.61656/pmar.v6i1.231

Anggita Farah Adiba Universitas Pembangunan Nasional Veteran Jawa Timur
Putri Kurnia Sari Universitas Pembangunan Nasional Veteran Jawa Timur
Ina Urifah Universitas Pembangunan Nasional Veteran Jawa Timur

DOI: https://doi.org/10.61656/pmar.v6i1.231

Abstrak

Purpose: In the wake of the 2008-2009 international financial crisis, understanding the mechanisms and institutions that contributed to global economic recovery becomes imperative. This study aims to examine the crucial role of the International Monetary Fund (IMF) in restoring global economic stability and recovery during this period.

Method: This study employed a qualitative method. Data was collected through literature review and information related to the international global crisis in 2008-2009. Data was search only from Google Scholar, with no particular or specific indexed journal.

Findings: The study reveals that the IMF significantly influenced the crisis management by increasing global liquidity, providing loans to member countries facing financial difficulties, and overseeing the macroeconomic policies of member countries.

Implication: The IMF's interventions were pivotal in stabilizing and recovering the global economy during the crisis, demonstrating the importance of international financial cooperation and support in times of economic distress. The study demonstrates that the IMF's role extends beyond financial assistance; it encompasses fostering international cooperation and reinforcing global economic governance, which are essential components in navigating and overcoming financial crises.

Originality: This study highlights the specific mechanisms and strategies employed by the IMF during the 2008-2009 financial crisis, offering a detailed analysis of its impact on global economic stability and recovery

##plugins.generic.usageStats.downloads##

##plugins.generic.usageStats.noStats##

Referensi

Andreou, A., Andrikopoulos, A., & Nastopoulos, C. (2017). Chapter 1 - Debt Markets, Financial Crises, and Public Finance in the Eurozone: Action, Structure, and Experience in Greece, Editor(s): Fotini Economou, Konstantinos Gavriilidis, Greg N. Gregoriou, Vasileios Kallinterakis, Handbook of Investors' Behavior During Financial Crises, Academic Press, Pages 3-28. https://doi.org/10.1016/B978-0-12-811252-6.00001-3.

Arifin, S., Wibisono, P.R.Joseph, C., & Sudrajat, S. (2004). IMF dan Stabilitas Keuangan Internasional : Suatu Tinjauan Kritis. Gramedia Pustaka Utama.

Asshidiqy, F., Argita, W., Aisy, R., Rizki, R., Raya, F., Syekh Moh Nawawi Albantani, J., Curug, K., & Serang, K. (2024). Peran Penting IMF dalam Stabilisasi dan Pemulihan Ekonomi Global di Tengah Krisis Keuangan Internasional. Jurnal Ekonomi dan Keuangan, 2(1), 204–213. https://doi.org/10.61132/moneter.v2i1.158

Aziza, A. N., Fathana, A., & Yulianto, A. F. (2019). Analisis Peran IMF terhadap Fenomena Inflasi tahun 1997-1998 di Negara Thailand. Nation State Journal of International Studies, 2(1), 25–34. https://doi.org/10.24076/nsjis.2019v2i1.143

Bjørnskov, C. (2016). Economic freedom and economic crises, European Journal of Political Economy, Volume 45, Supplement, Pages 11-23. https://doi.org/10.1016/j.ejpoleco.2016.08.003.

Britania, Y., Septiani, D., Ghibran, M. H., & Siregar, P. A. (2024). Peran Kebijakan Fiskal dan Moneter dalam Menjaga dan Menciptakan Stabilitas Perekonomian Indonesia Menurut Perspektif Islam, Media Mahardhika, 22(3), 417-428. https://doi.org/10.29062/mahardika.v22i3.932

Chenet, H., Ryan-Collins, J., & Lerven, F. V. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy, Ecological Economics, Volume 183, 106957. https://doi.org/10.1016/j.ecolecon.2021.106957.

Darajati, M. R. (2020). The Existence of International Monetary Fund, World Bank, and International Labour Organization as International Economic Organizations. Jurnal Ilmu Hukum Kyadiren, 2(1), 76–88. https://doi.org/10.46924/jihk.v2i1.134

Essers, D. (2013). Developing country vulnerability in light of the global financial crisis: Shock therapy? Review of Development Finance, Volume 3, Issue 2, Pages 61-83. https://doi.org/10.1016/j.rdf.2013.02.001.

Hossain, M. S. & Sultana, H. (2022). Spillover effects of policy uncertainty on the foreign exchange rate: Evidence from selected developed and developing countries, Social Sciences & Humanities Open, Volume 6, Issue 1, 100362. https://doi.org/10.1016/j.ssaho.2022.100362.

Hunjra, A. I., Azam, M., Bruna, M. G., & Taskin, D. (2022). Role of financial development for sustainable economic development in low middle income countries, Finance Research Letters, Volume 47, Part B, 102793. https://doi.org/10.1016/j.frl.2022.102793.

Kaloka, Y. N., Tegar, P., & Eldy, M. (2019). Strategi Korea Selatan dalam Pemulihan Krisis Moneter Tahun 1997 Melalui IMF. Nation State Journal of International Studies, 2(1), 44–56. https://doi.org/10.24076/nsjis.2019v2i1.145

Li, Z., Farmanesh, P., Kirikkaleli, D., & Itani, R. (2021). A comparative analysis of COVID-19 and global financial crises: evidence from US economy. Economic Research-Ekonomska Istraživanja, 35(1), 2427–2441. https://doi.org/10.1080/1331677X.2021.1952640.

Nanda, S. (2024). Metode Penelitian Kualitatif: Pengertian, Jenis, & Contoh, April 25, 2024. https://www.brainacademy.id/blog/metode-penelitian-kualitatif

Nugraha, G. K. (2018). Pengaruh Respons IIMF terkait Penggunaan Cryptocurrency terhadap Kebijakan Pemerintah Indonesia. Journal of International Relations, 4(3), 402–411. https://ejournal3.undip.ac.id/index.php/jihi/article/view/21063

Obstfeld, M. (2012). Financial flows, financial crises, and global imbalances, Journal of International Money and Finance, Volume 31, Issue 3, Pages 469-480. https://doi.org/10.1016/j.jimonfin.2011.10.003.

Pamungkas, M. L., Rahayu, R. D. S., & Krisyanti, T. A. (2019). Perbandingan Sistem Pinjaman IMF dan BRICS New Development Bank serta Potensi Dominasi Sistem Moneter Internasional. Nation State Journal of International Studies, 2(2), 134–150. https://doi.org/10.24076/nsjis.2019v2i2.151

Perdija, A., Ginting, B., Deliana Hz, E., & Diana, L. (2023). Peran Organisasi Moneter Internasional Dalam Pemulihan Ekonomi Sri Lanka Perspektif Hukum Ekonomi Internasional. Jurnal Ilmiah Wahana Pendidikan, 2023(16), 67–75. https://doi.org/10.5281/zenodo.8232143

Prasmuko, A. & Anugrah, D. F. (2010). Dampak Krisis Keuangan Global Terhadap Perekonomian Daerah, Buletin Ekonomi Moneter dan Perbankan, Januari 2010, 377-411. https://core.ac.uk/download/pdf/234038725.pdf

Santoso, Y. W. (2018). Penyebab Krisis Finansial Global tahun 2008: Kegagalan Financial Development dalam Mendorong Pertumbuhan dan Stabilitas Ekonomi. Jurnal Hubungan Internasional, 11(1), 155. https://doi.org/10.20473/jhi.v11i1.5853.

Schwarzer, D. (2015). Building the euro area’s debt crisis management capacity with the IMF. Review of International Political Economy, 22(3), 599–625. https://doi.org/10.1080/09692290.2014.965263.

Sudirman, I. W. (2014). Kebijakan Fiskal dan Moneter: Teori dan Empirikal. Kencana: Prenadamedia Grup.

Wullweber, J. (2020). The COVID-19 Financial Crisis, Global Financial Instabilities and Transformations in the Financial System (September 7, 2020). Available at SSRN: https://ssrn.com/abstract=3688453 or http://dx.doi.org/10.2139/ssrn.3688453.

Yohanes, T. (2015). Hukum Ekonomi Internasional: Perspektif Kepentingan Negara Sedang Berkembang dan LDCs (1st ed.). Cahaya Atma Pustaka.