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Market Mechanisms to Reduce the Need for IMF Bailouts

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  • Catherine L. Mann

    ()
    (Peterson Institute for International Economics)

Abstract

Should the IMF be the international lender of last resort? It played the leading role in the financial dramas in Mexico, Asia, Russia, and Brazil. Both Stanley Fischer and George Soros want to place the IMF-cum-international lender of last resort at the center of the new financial architecture (Wall Street Journal and Financial Times, 4 January 1999). Indeed, the IMF is the only institution that can coordinate large and immediate injections of credit when fast-moving global financial panics overwhelm sovereign nations and threaten to undermine international finance, global trade, and world growth.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB99-04.

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Date of creation: Feb 1999
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Handle: RePEc:iie:pbrief:pb99-04

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Cited by:
  1. G.G. Kaufman, 2000. "Banking and Currency Crises and Systemic Risk: A Taxonomy and Review," DNB Staff Reports (discontinued) 48, Netherlands Central Bank.
  2. Thomas D. Willett, 2000. "Understanding the IMF Debate," Claremont Colleges Working Papers 2000-58, Claremont Colleges.
  3. Islam, Roumeen, 2000. "Should capital flows be regulated? - a look at the issues and policies," Policy Research Working Paper Series 2293, The World Bank.
  4. Rachel McCulloch & Blake LeBaron, 2000. "Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options," American Economic Review, American Economic Association, vol. 90(2), pages 32-37, May.
  5. Graham Bird & Ramkishen S. Rajan, 2001. "Coping with, and cashing in on, international capital volatility," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(1), pages 1-23.
  6. George G. Kaufman, 1999. "Banking and currency crises and systemic risk: a taxonomy and review," Working Paper Series WP-99-12, Federal Reserve Bank of Chicago.
  7. Jari John & Tobias Knedlik, 2011. "New IMF Lending Facilities and Financial Stability in Emerging Markets," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(2), pages 225-238, September.

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