Comments: Evaluating IMF Programs

Mohsin S. Khan

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Mr. Mohsin S. Khan

Mr. Mohsin S. Khan
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Language:: English

Print Publication Date:: 18 Dec 2000

Keywords:: BOOK; crisis; financing; exchange rate; market; financial system; IMF policy advice; IMF Policy recommendation; IMF reform; emerging market crisis; emerging market country; Exchange rates; Emerging and frontier financial markets; Capital flows; Currencies; Global; Asia and Pacific; East Asia; Europe; Southeast Asia; government policy intervention; policy package; IMF's position; policy reaction; Inflation; Early warning systems; Current account balance

Abstract

This is a very interesting and somewhat provocative paper. As with all of Takatoshi Ito’s papers, this one has a message; in this case, the message is twofold. First, that IMF advice to countries engulfed in the Asian crisis was flawed in some fundamental sense. And second, that a regional monetary fund for Asia, possibly modeled along the lines of the IMF, would have helped in containing the crises, presumably by offering more financing or different policy advice, or both. I will deal only with the former in these comments as the author does not really develop the Asian Monetary Fund idea in this paper.

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