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From Suez to Tequila: The IMF as Crisis Manager

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  • Boughton, James M

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.

Suggested Citation

  • Boughton, James M, 2000. "From Suez to Tequila: The IMF as Crisis Manager," Economic Journal, Royal Economic Society, vol. 110(460), pages 273-291, January.
    • Handle: RePEc:ecj:econjl:v:110:y:2000:i:460:p:273-91
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    Citations

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    Cited by:

    1. Giulio Federico, 2001. "IMF Conditionality," Economics Papers 2001-W19, Economics Group, Nuffield College, University of Oxford, revised 01 Sep 2001.
    2. 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.
    3. Ashoka Mody & Diego Saravia, 2013. "The Response Speed of the International Monetary Fund," International Finance, Wiley Blackwell, vol. 16(2), pages 189-211, June.
    4. 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.
    5. Giulio Federico, 2001. "IMF Conditionality," Economics Series Working Papers 2001-W19, University of Oxford, Department of Economics.
    6. 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.
    7. Dennis Essers & Stefaan Ide, 2017. "The IMF and precautionary lending : An empirical evaluation of the selectivity and effectiveness of the flexible credit line," Working Paper Research 323, National Bank of Belgium.
    8. Daniel McDowell, 2017. "Need for speed: The lending responsiveness of the IMF," The Review of International Organizations, Springer, vol. 12(1), pages 39-73, March.
    9. Mr. James M. Boughton, 2004. "The IMF and the force of History: Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 2004/075, International Monetary Fund.
    10. 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.
    11. Mr. Ashoka Mody & Mr. Diego Saravia, 2008. "From Crisis to IMF-Supported Program: Does democracy impede the speed required by financial markets?," IMF Working Papers 2008/276, International Monetary Fund.
    12. Essers, Dennis & Ide, Stefaan, 2019. "The IMF and precautionary lending: An empirical evaluation of the selectivity and effectiveness of the Flexible Credit Line," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 25-61.
    13. Ashoka Mody & Diego Saravia, 2009. "From Crisis to IMF-Supported Program: Does Democracy Impede the Speed Required by Financial Markets?," Working Papers Central Bank of Chile 513, Central Bank of Chile.
    14. Bergljot Barkbu & Barry Eichengreen & Ashoka Mody, 2011. "International Financial Crises and the Multilateral Response: What the Historical Record Shows," NBER Working Papers 17361, National Bureau of Economic Research, Inc.
    15. Breczko, Agata & Zavaleta Hernández, Sandra Kanety, 2024. "The IMF's Return to Latin America: Build forward Better?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 77(1), pages 37-62.
    16. Robbie Mochrie, 2000. "An Appraisal of Debt Relief for Poor Countries," CERT Discussion Papers 0005, Centre for Economic Reform and Transformation, Heriot Watt University.
    17. Cavallo, Eduardo A. & Izquierdo, Alejandro, 2009. "Dealing with an International Credit Crunch: Policy Responses to Sudden Stops in Latin America," IDB Publications (Books), Inter-American Development Bank, number 12446.
    18. Penet, Pierre, 2016. "The IMF failure that wasn't: tournaments of conditionality and strategic ignorance during the european debt crisis," Working Papers unige:88327, University of Geneva, Paul Bairoch Institute of Economic History.
    19. Mehrpouya, Afshin & Salles-Djelic, Marie-Laure, 2019. "Seeing like the market; exploring the mutual rise of transparency and accounting in transnational economic and market governance," Accounting, Organizations and Society, Elsevier, vol. 76(C), pages 12-31.

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