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Market Mechanisms to Reduce the Need for IMF Bailouts

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  • Catherine L. Mann

    (Peterson Institute for International Economics)

Abstract

Should the IMF be the international lender of last resort? It played the leading role in the financial dramas in Mexico, Asia, Russia, and Brazil. Both Stanley Fischer and George Soros want to place the IMF-cum-international lender of last resort at the center of the new financial architecture (Wall Street Journal and Financial Times, 4 January 1999). Indeed, the IMF is the only institution that can coordinate large and immediate injections of credit when fast-moving global financial panics overwhelm sovereign nations and threaten to undermine international finance, global trade, and world growth.

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  • Catherine L. Mann, 1999. "Market Mechanisms to Reduce the Need for IMF Bailouts," Policy Briefs PB99-04, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb99-04
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    File URL: https://www.piie.com/publications/policy-briefs/market-mechanisms-reduce-need-imf-bailouts
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    Cited by:

    1. Joyce,Joseph P., 2014. "The IMF and Global Financial Crises," Cambridge Books, Cambridge University Press, number 9781107436862, September.
    2. George G. Kaufman, 1999. "Banking and currency crises and systemic risk: a taxonomy and review," Working Paper Series WP-99-12, Federal Reserve Bank of Chicago.
    3. Graham Bird & Ramkishen S. Rajan, 2004. "Coping with, and Cashing in on, International Capital Volatility," Palgrave Macmillan Books, in: International Finance and the Developing Economies, chapter 11, pages 181-203, Palgrave Macmillan.
    4. Islam, Roumeen, 2000. "Should capital flows be regulated? - a look at the issues and policies," Policy Research Working Paper Series 2293, The World Bank.
    5. Rachel McCulloch & Blake LeBaron, 2000. "Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options," American Economic Review, American Economic Association, vol. 90(2), pages 32-37, May.

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