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From Suez to Tequila: The IMF as Crisis Manager

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  • Boughton, James M
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    Abstract

    The IMF was established in 1944 in part to "give confidence to members by making [its] resources ... available to them under adequate safeguards." Although the intention was that the availability of the Fund's resources should prevent financial crises, in practice the Institution often has found itself helping countries cope with crises after they occur. This paper examines how the role of the IMF as crisis manager has evolved, 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.

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    Bibliographic Info

    Article provided by Royal Economic Society in its journal The Economic Journal.

    Volume (Year): 110 (2000)
    Issue (Month): 460 (January)
    Pages: 273-91

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    Handle: RePEc:ecj:econjl:v:110:y:2000:i:460:p:273-91

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    Cited by:
    1. Hutchison, Michael M. & Noy, Ilan, 2003. "Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 991-1014, December.
    2. Giulio Federico, 2001. "IMF Conditionality," Economics Series Working Papers 2001-W19, University of Oxford, Department of Economics.
    3. Barkbu, Bergljot & Eichengreen, Barry & Mody, Ashoka, 2012. "Financial crises and the multilateral response: What the historical record shows," Journal of International Economics, Elsevier, vol. 88(2), pages 422-435.
    4. James M. Boughton, 2004. "The IMF and the force of History," IMF Working Papers 04/75, International Monetary Fund.
    5. ORASTEAN Ramona, 2014. "The Lending Arrangements Of The Imf In European Union In Times Of Crisis – Characteristics And Evolutions," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 9(1), pages 134-141, April.
    6. Robbie Mochrie, 2000. "An Appraisal of Debt Relief for Poor Countries," CERT Discussion Papers 0005, Centre for Economic Reform and Transformation, Heriot Watt University.
    7. Michael M. Hutchison, 2004. "Selection Bias and the Output Costs of IMF Programs," EPRU Working Paper Series 04-15, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    8. Giulio Federico, 2001. "IMF Conditionality," Economics Papers 2001-W19, Economics Group, Nuffield College, University of Oxford, revised 01 Sep 2001.

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