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Managing Financial Crises: Recent Experience and Lessons for Latin America

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  • G. Russell Kincaid
  • Charles Collyns
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    Abstract

    This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 217.

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    Length: 128
    Date of creation: 10 Apr 2003
    Date of revision:
    Handle: RePEc:imf:imfocp:217

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    Related research

    Keywords: Latin America;

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    Cited by:
    1. Luc Laeven, 2011. "Banking Crises: A Review," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 17-40, December.
    2. Barbara Stallings, 2004. "Financial Liberalization, Crisis, and Rescue: Lessons for China from Latin America and East Asia?," IDB Publications 48078, Inter-American Development Bank.
    3. Ludger Schuknecht & Albert Jaeger, 2004. "Boom-Bust Phases in Asset Prices and Fiscal Policy Behavior," IMF Working Papers 04/54, International Monetary Fund.
    4. Charles Adams, 2010. "The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives," Working Papers id:2923, eSocialSciences.
    5. Sanjeev Gupta & Carlos Mulas-Granados & Emanuele Baldacci, 2009. "How Effective is Fiscal Policy Response in Systemic Banking Crises?," IMF Working Papers 09/160, International Monetary Fund.
    6. Claudio M. LOSER, 2004. "External Debt Sustainability: Guidelines For Low- And Middle-Income Countries," G-24 Discussion Papers 26, United Nations Conference on Trade and Development.
    7. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
    8. Bjoern Rother & Ivetta Hakobyan & Monica Baumgarten de Bolle, 2006. "The Level and Composition of Public Sector Debt in Emerging Market Crises," IMF Working Papers 06/186, International Monetary Fund.

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