How Have IMF Priorities Evolved? A Text Mining Approach

Abstract

This paper assess how priorities of the IMF’s membership have evolved over the past two decades, by using text mining techniques on a unique dataset combining IMFC communiqués and constituency statements. Our results reveal significant variation in priorities across time and constituencies. Statements can be characterized by the weight which they place on three key priorities: (i) growth; (ii) debt and development; and (iii) crisis management and quota reform. Sentiment analysis techniques also show that addressing climate change is a topic which is viewed positively by an increasing number of constituencies.

Keywords: IMFC communiqué, constituency statement, IMF priority, constituency cluster, sentiment analysis technique, Climate change, Mining sector, Global financial crisis of 2008-2009, Crisis management, Global

JEL Classification: F31, E26, Q54, L70, G01, H12