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Abstract
Does redesigning the IMF’s mechanisms for providing assistance offer part of the means—possibly even the proverbial “silver bullet”—for ending the roller coaster of booms and crises that are the central concern of the papers at this conference? Many observers, including David Lipton, view IMF reform as an essential ingredient for stabilizing the global financial system. Yet, would-be reformers of the IMF disagree about which reforms are desirable. The disagreements often reflect differences in opinion about the sources of instability that motivate reform. To be effective, silver bullets—reputed to be the most effective means of destroying werewolves—must be aimed at the right targets. The question, then, is who, or what, is the “werewolf” of global instability?
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