Comments: A Mixed Record for IMF Advice
Author:
John Williamson
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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; IMF's record; exchange rate option; overvalued exchange rates; Capital account liberalization; International trade organizations

Abstract

Since Takatoshi Ito has mentioned that I invented the term “Washington consensus,” let me make it clear that I did not use it in the sense that he does, as a synonym for die-hard advocacy of liberalization. My usage was in reference to the lowest common denominator of policy advice being given by the Washington institutions to Latin American countries as of 1989.

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Cover Reforming the International Monetary and Financial System
Reforming the International Monetary and Financial System
ISBN:
9781557758354
Publication Date:
18 Dec 2000
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557758354.071
Pages:
448
Front Matter
Part I. Key Issues of Reform
Part II. Maintaining Stability Under High Capital Mobility
3 The Euro, Yen, and Dollar: Making the Case Against Benign Neglect
Comments: Let Exchange Rates Float
Comments: Foreign Exchange Origins of Japan’s Liquidity Trap
Comments: The Case for Benign Neglect
4 Moderating Fluctuations in Capital Flows to Emerging Market Economies
Comments: Lessons from the Czech Experience
Comments: Emerging Market Crises: Origins and Remedies
Comments: Who Is to Blame for the Crises?
Comments: Policy Options for Capital Importers
5 When Capital Inflows Suddenly Stop: Consequences and Policy Options
comments: The Balance Between Adjustment and Financing
Comments: The Balance Between Structural and Macroeconomic Adjustment
Comments: Can the Right Balance Be Achieved?
Comments: On Dysfunctional Adjustment and Financing
6 Is Greater Private Sector Burden Sharing Impossible?
Comments: Private Sector Participation in Crisis Prevention and Resolution
Comments: On Debt Management and Collective-Action Clauses
Comments: More Private Sector Involvement and Less Official Financing
Comments: Private Sector Burden Sharing
Part III. The Role of the International Monetary Fund
Part IV. Conclusion
Back Matter