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Strengthening IMF Crisis Prevention

  • Jonathan David Ostry
  • Jeromin Zettelmeyer

To better fulfill its crisis-prevention mandate, IMF surveillance needs to provide stronger incentives for countries to follow good policies and for markets to avoid boom-bust cycles in capital flows. To this end, surveillance should culminate in a summary public assessment of the quality of a country's policies and stipulate the actions needed to address shortcomings. A country's potential access to IMF credits should be linked to the quality of its policies in noncrisis periods in order to create stronger incentives for better policies and reduce incentives for capital to flow where it cannot be used in socially beneficial ways.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/206.

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Length: 23
Date of creation: 01 Nov 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/206
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  1. Raghuram G. Rajan, 2005. "Institutional Reform and Sovereign Debt Crises," Cato Journal, Cato Journal, Cato Institute, vol. 25(1), pages 17-24, Winter.
  2. Barth, James R. & Caprio Jr., Gerard & Levine, Ross, 2001. "Bank regulation and supervision : what works best?," Policy Research Working Paper Series 2725, The World Bank.
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  6. Mehrez, Gil & Kaufmann, Daniel, 2000. "Transparency, liberalization, and banking crisis," Policy Research Working Paper Series 2286, The World Bank.
  7. Walter B. Wriston, 1998. "Dumb Networks and Smart Capital," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
  8. Michael D. Bordo & Barry Eichengreen, 1998. "Implications of the Great Depression for the Development of the International Monetary System," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 403-454 National Bureau of Economic Research, Inc.
  9. Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
  10. James M. Boughton, 2004. "The IMF and the force of History; Ten Events and Ten Ideas that Have Shaped the Institution," IMF Working Papers 04/75, International Monetary Fund.
  11. Swati R. Ghosh & Atish R. Ghosh, 2003. "Structural Vulnerabilities and Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 50(3), pages 7.
  12. Charles W. Calomiris, 1998. "The IMF's Imprudent Role As Lender of Last Resort," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), pages 275-294, Winter.
  13. Vijay Kelkar & Vikash Yadav & Praveen Chaudhry, 2004. "Reforming the Governance of the International Monetary Fund," The World Economy, Wiley Blackwell, vol. 27(5), pages 727-743, 05.
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