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Applying the Lessons of Asia: The IMF’s Crisis Management Strategy in 2008

  • Shinji Takagi
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    The paper examines the recent European crisis management programs of the International Monetary Fund (IMF) to see how the lessons of Asia were applied. Compared to the Asian programs of 1997, the European programs of 2008 were better funded and their structural conditionality more focused. Other than these, the overall thrust of the programs was similar: fiscal and monetary tightening, coupled with banking reforms. [ADBI Working Paper 206]

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    Paper provided by eSocialSciences in its series Working Papers with number id:3006.

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    Date of creation: Oct 2010
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    Handle: RePEc:ess:wpaper:id:3006
    Note: Institutional Papers
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    1. Allan Drazen & Peter Isard, 2004. "Can Public Discussion Enhance Program Ownership?," NBER Working Papers 10927, National Bureau of Economic Research, Inc.
    2. Carlos F. Diaz Alejandro, 1963. "A Note on the Impact of Devaluation and the Redistributive Effect," Journal of Political Economy, University of Chicago Press, vol. 71, pages 577.
    3. Sebastian Edwards, 1987. "Exchange Controls, Devaluations and Real Exchange Rates: The Latin American Experience," NBER Working Papers 2348, National Bureau of Economic Research, Inc.
    4. Diego Saravia & Ashoka Mody, 2003. "Catalyzing Capital Flows; Do IMF-Supported Programs Work As Commitment Devices?," IMF Working Papers 03/100, International Monetary Fund.
    5. Akira KOHSAKA, 2007. "Comment on "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview"," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 52-53.
    6. Sebastian Edwards, 1989. "Tariffs, Capital Controls, and Equilibrium Real Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 22(1), pages 79-92, February.
    7. Takatoshi ITO, 2007. "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 16-49.
    8. Tullio Gregori, 2009. "Currency crisis duration and interest defence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(3), pages 256-267.
    9. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    10. Mohamed ARIFF, 2007. "Comment on "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview"," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 50-51.
    11. Lawrence H. Summers, 1999. "Distinguished Lecture on Economics in Government: Reflections on Managing Global Integration," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 3-18, Spring.
    12. Curzio Giannini & Carlo Cottarelli, 2002. "Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending," IMF Working Papers 02/193, International Monetary Fund.
    13. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
    14. Peter Isard & Allan Drazen, 2004. "Can Public Discussion Enhance Program Ownership?," IMF Working Papers 04/163, International Monetary Fund.
    15. Brad Setser & Ioannis Halikias & Alexander Pitt & Christoph B. Rosenberg & Brett E. House & Jens Nystedt & Christian Keller, 2005. "Debt-Related Vulnerabilities and Financial Crises," IMF Occasional Papers 240, International Monetary Fund.
    16. Sebastian Edwards, 1989. "Real Exchange Rates in the Developing Countries: Concepts and Measure- ment," NBER Working Papers 2950, National Bureau of Economic Research, Inc.
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