When a government participates in an International Monetary Fund (IMF) program, media coverage often highlights strong public reactions in the borrowing country, marked by mass mobilization and protests. In Creditors and Crowds, Sujeong Shim asks if public opinion matters for resolving economic crises. She shows how public opinion is pivotal to shaping global financial outcomes and reveals how public support for a government shapes the interactions among borrowing governments, IMF officials, and private portfolio investors. Combining cross-country data, case studies, and interviews, the author shows that public support for governments affects IMF programs' design and consequences. Using practical examples and comparative insights from Greece, Latvia, South Korea, Sri Lanka, Pakistan, and more, Shim highlights the often-overlooked role of public opinion in international finance and offers lessons for governments navigating crises.

‘In Creditors and Crowds, Sujeong Shim analyzes the under-appreciated role of public opinion in international finance. She shows that governments that enjoy a higher level of political support from the public get better deals from the International Monetary Fund (IMF) and, subsequently, better deals from private lenders. A government backed by domestic public opinion can make more credible promises to the IMF and private creditors – and strike more attractive bargains. Creditors and Crowds adds an important dimension to our understanding of the politics of international finance and debt crises, and is a welcome addition to this literature.'

Jeffry Frieden - Columbia University

‘An original and insightful contribution to our understanding of global financial governance. Creditor and Crowds compellingly shows how public support shapes IMF lending outcomes in surprising ways. With innovative theory and impressive multi-method evidence, this book breaks new ground and is essential reading for scholars and policymakers interested in the politics of international finance.'

Christina J. Schneider - University of California, San Diego

‘Sujeong Shim's Creditors and Crowds offers a fresh and compelling perspective on the politics of IMF lending. By showing how government popularity shapes both the generosity of IMF programs and investor reactions, the book illuminates an overlooked dimension of global financial governance and crises: the role of public opinion. Rich in theory, methodologically rigorous and empirically persuasive, this study is an important contribution to international political economy and comparative politics.'

Stefanie Walter - University of Zurich

‘Creditors and Crowds is an important study that reshapes our understanding of financial crises. Sujeong Shim masterfully demonstrates how the power of public opinion extends to global markets and IMF decisions. Combining rigorous analysis with engaging case narratives, she bridges domestic politics and international finance in an original way. Shim stresses that successful crisis management cannot ignore domestic politics. Stabilizing the political environment is as vital as restoring economic stability. Professor Shim's book is important for scholars and policymakers and is also highly accessible to readers interested in the politics of global finance.'

Dennis Quinn - Georgetown University