From Suez to Tequila: The IMF As Crisis Manager
July 1, 1997
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Summary
The IMF was established in 1944 in part to “give confidence” to member countries by providing short-term credits. Although the intention was that the availability of the Fund’s resources should prevent countries from experiencing financial crises, in practice the institution often has found itself helping its members cope with crises after they occur. This paper examines how the role of the IMF as crisis manager has evolved over time, from its earliest loans to the exchange crisis that hit Mexico in December 1994. It argues that the defining moment for this role was the international debt crisis of 1982.
Subject: Balance of payments, Balance of payments need, Banking, Capital outflows, Credit, Current account deficits, Financial crises, Money
Keywords: balance of payments, Balance of payments need, Capital outflows, Credit, crisis management, crisis manager, Current account deficits, economic crisis, exchange market crisis, financial crises, financial crisis, financial history, Fund, fund lend Mexico, fund staff, fund surveillance, Global, gold market crisis, IMF, international monetary system, market, WP
Pages:
24
Volume:
1997
DOI:
Issue:
090
Series:
Working Paper No. 1997/090
Stock No:
WPIEA0901997
ISBN:
9781451952001
ISSN:
1018-5941
