Chapter 23 Comments on “What’s Wrong with the IMF” and “Containing the Risks”
- International Monetary Fund
- Published Date:
- January 2001
I review the arguments made by the two authors and emphasize the importance of ill-defined property rights as a central problem in precipitating crises. I also argue that the unfortunate handling of the failure of Long-Term Capital Management provides some lessons for crisis management in developing countries.