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International Monetary Fund programmes and the glass cliff effect

Published online by Cambridge University Press:  02 January 2026

Mirko Heinzel
Affiliation:
School of Social and Political Sciences, University of Glasgow, UK
Andreas Kern
Affiliation:
McCourt School of Public Policy, Georgetown University, USA
Saliha Metinsoy
Affiliation:
School of Social and Behavioral Sciences, Erasmus University Rotterdam, The Netherlands
Bernhard Reinsberg*
Affiliation:
School of Social and Political Sciences, University of Glasgow, UK Centre for Business Research, University of Cambridge, UK
*
Address for correspondence: School of Social and Political Sciences, University of Glasgow, 40 Bute Gardens, Glasgow, G12 8RT, UK. Email: bernhard.reinsberg@glasgow.ac.uk
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Abstract

We analyse the impact of International Monetary Fund (IMF) programmes on appointing women leaders in ministerial positions. We hypothesize that women leaders are selected after an incumbent government starts an IMF programme to shift accountability to them during political and economic turmoil. This political manoeuvring of appointing women to leadership positions during a crisis is known as the ‘glass cliff’ effect. We demonstrate substantial evidence for such a ‘glass cliff’ effect using data covering all IMF programmes from 1980 to 2018. Our evidence shows that women are more likely to be appointed to austerity‐bearing ministerial positions under IMF programmes but not in positions of authority during negotiations with the IMF. This effect is more pronounced when a country displays worse societal gender norms, a higher level of corruption and a government facing a deeper economic crisis. Importantly, we verify that neither women's leadership nor a higher share of women in government predicts a balance of payments crisis triggering an IMF programme. In other words, women leaders do not govern worse; they are appointed to leadership positions in precarious, crisis‐ridden conditions.

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Type
Research Article
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Copyright
Copyright © 2024 The Authors. European Journal of Political Research published by John Wiley & Sons Ltd on behalf of European Consortium for Political Research.
Figure 0

Figure 1. IMF exposure and percentage of women cabinet ministers.Note: The graph compares the average percentage of women ministers for country‐year observations without an IMF programme, the observations under the first year of an IMF programme and the observations under an ongoing IMF programme beyond its first year. All differences are statistically significant using t‐tests with unequal variance (p < 0.01).

Figure 1

Table 1. IMF programmes and women's cabinet appointments

Figure 2

Table 2. IMF programmes and women cabinet percentages

Figure 3

Figure 2. Share of women‐led ministries relative to the finance ministry under different contexts.Note: Grey circles show women's share in the respective ministry relative to the finance ministry when the country is not under an IMF programme. Black triangles indicate women's share in the respective ministry relative to the finance ministry when the country is under an IMF programme.

Figure 4

Table 3. IMF programmes, austerity‐bearing ministries and women cabinet ministers

Figure 5

Figure 3. IMF programmes, austerity‐bearing ministries and women ministers in different contexts.Note: The figure shows the estimates for the interaction effect between IMF programmes and austerity‐bearing ministries with respect to the likelihood of a woman minister, separately for above‐mean cases of the scope condition and below‐mean cases of the scope condition.

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