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Imf Policy Advice To Emerging Market Economies During The 2008–2009 Crisis: New Fund Or New Fundamentals?

Listed author(s):
  • ATISH R. GHOSH

    (IMF Research Department, USA)

  • CHRISTOPHER CROWE

    (IMF Research Department, USA)

  • JUN IL KIM

    (IMF Research Department, USA)

  • JONATHAN D. OSTRY

    ()

    (IMF Research Department, USA)

  • MARCOS CHAMON

    (IMF Research Department, USA)

This paper reviews the International Monetary Fund (IMF) policy advice to emerging market economies (EMEs) during the 2008-09 crisis, contrasting it to previous crisis episodes. EMEs that had strong fundamentals, and were mainly affected through international trade and financial spillovers, were advised to loosen monetary and fiscal policies, much like the counter-cyclical policies pursued by advanced economies. But in EMEs with "home-grown" vulnerabilities, the advice was more traditional fiscal consolidation, monetary restraint and structural reform, albeit with more financing and greater emphasis on cushioning the impact of the shock. Thus, the "new" IMF advice was the result of "new fundamentals" in EMEs.

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File URL: http://www.worldscientific.com/doi/abs/10.1142/S1793993311000191
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Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 02 (2011)
Issue (Month): 01 ()
Pages: 1-17

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Handle: RePEc:wsi:jicepx:v:02:y:2011:i:01:n:s1793993311000191
DOI: 10.1142/S1793993311000191
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  1. Guillermo A. Calvo, 2006. "Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort," Research Department Publications 4504, Inter-American Development Bank, Research Department.
  2. Guillermo A. Calvo, 2006. "Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort," IDB Publications (Working Papers) 1947, Inter-American Development Bank.
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