The magnitude and suddenness of the reversals of capital inflows that characterized capital account crises gave financing a particularly prominent role in IMF-supported programs designed in response to these crises. Despite exceptionally large official financing, some concerted private sector involvement, and the announcement of confidence-building measures, the catalytic effect of programs in reversing outflows failed to materialize, at least in the short run—necessitating unprogrammed and extraordinarily severe macroeconomic adjustment.
Agénor, Pierre-Richard, C. John McDermott, and E. Murat Uçer, 1997, “Fiscal Imbalances, Capital Inflows, and the Real Exchange Rate: The Case of Turkey,” European Economic Review, Vol. 41 (April), pp. 819–25.
Aghion, Philippe, Philippe Bacchetta, and Abhijit Banerjee, 2000, “A Simple Model of Monetary Policy and Currency Crises,” European Economic Review, Vol. 44 (May), pp. 728–38.
Alesina, Alberto, and Allan Drazen, 1991, “Why Are Stabilizations Delayed?” American Economic Review, Vol. 81 (December), pp. 1170–88.
Basurto, Gabriela, and Atish R. Ghosh, 2000, “The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries,” Staff Papers, Special Issue—IMF Annual Research Conference, International Monetary Fund, Vol. 47, pp. 99–120.
Berg, Andrew, 1999, “The Asia Crisis: Causes, Policy Responses, and Outcomes,” IMF Working Paper 99/138 (Washington: International Monetary Fund).
Berg, Andrew, Catherine Pattillo, 1999, “Are Currency Crises Predictable?: A Test,” Staff Papers, International Monetary Fund, Vol. 46 (June), pp. 107–38.
Blanchard, Olivier J., and Danny Quah, 1989, “The Dynamic Effects of Aggregate Demand and Supply Disturbances,” American Economic Review, Vol. 79 (September), pp. 655–73.
Boorman, Jack, Timothy Lane, Marianne Schulze-Ghattas, Ales Bulir, Atish R. Ghosh, Javier Hamann, Alex Mourmouras, and Steven Phillips, 2000, “Managing Financial Crisis: The Experience in East Asia,” Carnegie–Rochester Conference Series on Public Policy, No. 53 (Amsterdam: North-Holland).
Burnside, Craig, Martin S. Eichenbaum, and Sergio Rebelo, 1999, “Prospective Deficits and the Asian Currency Crisis,” Policy Research Working Paper No. 2174 (Washington: World Bank).
Calvo, Guillermo A., 1996, “Varieties of Capital–Market Crises” (unpublished; College Park: University of Maryland). Available via the Internet: http://www.bsos.umd.edu/econ/ciecrp.htm
Calvo, Guillermo A., 1999, “Fixed versus Flexible Exchange Rates: Preliminaries of a Turn-of-Millennium Rematch” (unpublished; College Park: University of Maryland). Available via the Internet: http://www.bsos.umd.edu/econ/ciecrp.htm
Calvo, Guillermo A.,, and Enrique G. Mendoza, 1996, “Mexico’s Balance–of–Payments Crisis: A Chronicle of a Death Foretold,” Journal of International Economics, Vol. 41 (November), pp. 235–64.
Chalk, Nigel A., and Richard Hemming, 2000, “Assessing Fiscal Sustainability in Theory and Practice,” IMF Working Paper 00/81 (Washington: International Monetary Fund).
Chand, Sheetal K., 1992, “Fiscal Impulses and Their Fiscal Impact,” IMF Working Paper 92/38 (Washington: International Monetary Fund).
Chang, Roberto, and Andres Velasco, 1998, “Financial Fragility and the Exchange Rate Regime,” NBER Working Paper No. 6469 (Cambridge, Massachusetts: National Bureau of Economic Research).
Chu, Ke-Young, and Sanjeev Gupta, 1998, eds., Social Safety Nets: Issues and Recent Experiences (Washington: International Monetary Fund).
Claessens, Stijn, Simeon Djankov, and Giovanni Ferri, 1998, “Corporate Distress in East Asia: Assessing the Impact of Exchange Rate and Interest Rate Shocks” (unpublished; Washington: World Bank).
Claessens, Stijn, Simeon Djankov, and Tatiana Nenova, 2000, “Corporate Risk Around the World,” Policy Research Working Paper No. 2271 (Washington: World Bank).
Cline, William R., 2000, “The Role of the Private Sector in Resolving Financial Crises” (unpublished; Washington: Institute for International Finance).
Corsetti, Giancarlo, Paulo Pesenti, and Nouriel Roubini, 1999, “What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate,” Japan and the World Economy, Vol. 11, No. 3, pp. 305–73.
Dell’Ariccia, Giovanni, Isabel Gödde, and Jeromin Zettelmeyer, 2000, “Moral Hazard and International Crisis Lending: A Test,” paper presented at the first IMF Research Conference, Washington, November.
Dollar, David, and Mary Hallward-Driemeier, 2000, “Crisis, Adjustment, and Reform in Thailand’s Industrial Firms,” World Bank Research Observer (International), Vol. 15 (February),No. 1, pp. 1–22.
Domaç, Ilker, and Giovanni Ferri, 1998, “The Real Impact of Financial Shocks: Evidence from Korea,” Policy Research Working Paper No. 2010 (Washington: World Bank).
Dornbusch, Rudiger, and Alejandro Werner, 1994, “Mexico: Stabilization, Reform, and No Growth,” Brookings Papers on Economic Activity: 1, Brookings Institution, pp. 253–315.
Drazen, Allan, and Vittorio Grilli, 1993, “Benefits of Crises for Economic Reforms,” American Economic Review, Vol. 83 (June), pp. 598–607.
Edwards, Sebastian, 2000, “Contagion,” The World Economy, Vol. 23 (July), pp. 873–900.
Eichengreen, Barry, 1999, “Is Greater Private Sector Burden Sharing Impossible?” Finance & Development, Vol. 36 (September), pp. 16–19.
Fane, George, and Ross H. McLeod, 1999, “Lessons for Monetary and Banking Policies from the 1997–98 Economic Crises in Indonesia and Thailand,” Journal of Asian Economics, Vol. 10 (Fall), No. 3, pp. 395–13.
Feldstein, Martin, 1998, “Refocusing the IMF,” Foreign Affairs, Vol. 77 (March–April), pp. 20–33.
Feldstein, Martin, 1999, “A Self–Help Guide for Emerging Markets,” Foreign Affairs, Vol. 78 (March–April), pp. 93–109.
Flood, Robert P., and Nancy P. Marion, 1998, “Perspectives on Currency Crisis Literature,” IMF Working Paper 98/130 (Washington: International Monetary Fund).
Frankel, Jeffrey A., 1999, “The Balance Between Adjustment and Financing,” paper presented at the International Monetary Fund seminar, “Key Issues in Reform of the International Monetary System,” Washington, May.
Furman, Jason, and Joseph E. Stiglitz, 1998, “Economic Crises: Evidence and Insights from East Asia,” Brookings Papers on Economic Activity: 2, Brookings Institution, pp. 1–35.
Ghosh, Swati R., and Atish R. Ghosh, 2000, “East Asia in the Aftermath: Was There a Crunch?” in European Monetary Union, Emerging Markets and Econometric Issues in International Finance, ed. by Cornelius, Gottschling, and Kreuter (Frankfurt, Campus Verlag).
Ghosh, Swati R., and Atish R. Ghosh, 2001, “Structural Factors in Currency Crises” (unpublished; Washington: International Monetary Fund).
Giavazzi, Francesco, and Marco Pagano, 1990, “Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries,” NBER Working Paper No. 3372 (Cambridge, Massachusetts: National Bureau of Economic Research).
Goldfajn, Ilan, and Taimur Baig, 1998, “Monetary Policy in the Aftermath of Currency Crises: The Case of Asia,” IMF Working Paper 98/170 (Washington: International Monetary Fund).
Goldfajn, Ilan, and Poonam Gupta, 1999, “Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?” IMF Working Paper 99/42 (Washington: International Monetary Fund).
Goldstein, Morris, 2001, “IMF Structural Policy Conditionality: How Much Is Too Much?” IIE Working Paper No. 01–4 (Washington: Institute for International Economics).
Gould, David M., and Steven B. Kamin, 2000, “The Impact of Monetary Policy on Exchange Rates During Financial Crises,” U.S. International Finance Discussion Papers No. 669 (Washington: U.S. Board of Governors of the Federal Reserve System, International Finance Division).
Guitián, Manuel, 1981, Fund Conditionality: Evolution of Principles and Practices, IMF Pamphlet Series, No. 38 (Washington: International Monetary Fund).
Hutchison, Michael M., 2001, “A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs,” NBER Working Paper No. 8305 (Cambridge, Massachusetts: National Bureau of Economic Research).
Institute of International Finance, 1999, Report of the Working Group on Financial Crises in Emerging Markets (Washington).
International Monetary Fund, 1999, Policy Development and Review Department, “Involving the Private Sector in Forestalling and Resolving Financial Crises” (Washington). Available via the Internet: http://www.imf.org/external/pubs/ft/series/01/index.htm
International Monetary Fund, 2000a, Policy Development and Review Department, “Review of Fund Facilities—Preliminary Considerations” (Washington). Available via the Internet: http://www.imf.org/external/np/pdr/fac/2000/index.htm
International Monetary Fund, 2000b, Public Information Notice 00/37, “Debt and Reserve-Related Indicators of External Vulnerability.” Available via the Internet: http://www.imf.org/external/np/sec/pn/2000/pn0037.htm
International Monetary Fund, 2001a, Policy Development and Review Department, “Conditionality in Fund-Supported Programs—Overview” (Washington). Available via the Internet: http://www.imf.org/external/np/pdr/cond/2001/eng/overview/index.htm
International Monetary Fund, 2001b, Policy Development and Review Department, “Conditionality in Fund–Supported Programs—Policy Issues” (Washington). Available via the Internet: http://www.imf.org/external/np/pdr/cond/2001/eng/policy/index.htm
International Monetary Fund,, 2001c, Policy Development and Review Department, “Structural Conditionality in Fund-Supported Programs” (Washington). Available via the Internet: http://www.imf.org/external/np/pdr/cond/2001/eng/struct/index.htm
Kaminsky, Graciela, and Carmen M. Reinhart, 1999, “The Twin Crises: The Causes of Banking and Balance of Payments Problems,” American Economic Review, Vol. 89 (June), pp. 473–500.
Kaplan, Ethan, and Dani Rodrik, 2001, “Did the Malaysian Capital Controls Work?” NBER Working Paper No. 8142 (Cambridge, Massachusetts: National Bureau of Economic Research).
Kenen, Peter B., 2000, “Financial-Sector Reform in Emerging-Market Countries: Getting the Incentives Right,” paper prepared for the Per Jakobsson Foundation panel discussion, “Strengthening the Resilience of Global Financial Markets,” Lucerne, Switzerland, June.
Kopits, George, 2000, “How Can Fiscal Policy Avert Currency Crises?” IMF Working Paper 00/185 (Washington: International Monetary Fund).
Kraay, Aart, 2000, “Do High Interest Rates Defend Currencies During Speculative Attacks?” Policy Research Working Paper No. 2267 (Washington: World Bank).
Krueger, Anne, and Aaron Tornell, 1999, “The Role of Bank Restructuring in Recovering from Crises: Mexico 1995–98,” NBER Working Paper No. 7042 (Cambridge, Massachusetts: National Bureau of Economic Research), pp. 28 –34.
Krugman, Paul, 1979, “A Model of Balance-of-Payments Crises,” Journal of Money, Credit and Banking, Vol. 11 (August), pp. 311–25.
Krugman, Paul, 1998, “What Happened to Asia?” (unpublished; Cambridge, Massachusetts: Massachusetts Institute of Technology).
Krugman, 2001, “Crises: The Next Generation?” (unpublished; Princeton: Princeton University).
Lane, Timothy D., Atish R. Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata, 1999, IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, IMF Occasional Paper No. 178 (Washington: International Monetary Fund).
Lane, Timothy D., and Steven Phillips, 2000, “Does IMF Financing Result in Moral Hazard?” IMF Working Paper 00/168 (Washington: International Monetary Fund).
Lindgren, Carl-Johan, Thomas J.T. Balino, Charles Enoch, Anne-Marie Guide, Marc Quintyn, and Leslie Teo, 1999, Financial Sector Crisis and Restructuring: Lessons from Asia, IMF Occasional Paper No. 188 (Washington: International Monetary Fund).
McBrady, Matthew R., and Mark S. Seasholes, 2000, “Bailing-In” (unpublished; Berkeley: University of California at Berkley).
Milesi-Ferretti, Gian Maria, and Assaf Razin, 1996, “Current Account Stability,” Princeton Studies in International Finance No. 81 (Princeton, New Jersey: International Finance Section, Department of Economics, Princeton University).
Mulder, Christian, Roberto Perelli, and Manuel Rocha, 2001, “The Role of Corporate, Legal, and Macro Balance Sheet Indicators in Crisis Detection and Prevention” (unpublished; Washington: International Monetary Fund).
Musso, Michael, and Miguel A. Savastano, 1999, “The IMF Approach to Economic Stabilization,” IMF Working Paper 99/104 (Washington: International Monetary Fund).
Mussa, Alberto, and Steven Phillips, 2001, “Comparing Projections and Outcomes of IMF-Supported Programs,” IMF Working Paper 01/45 (Washington: International Monetary Fund).
Nunnenkamp, Peter, 1999, “The Moral Hazard of IMF Lending: Making a Fuss About a Minor Problem?” Kiel Discussion Papers, March (Kiel: Institut für Weltwirtschaft).
Olivier, Jeanne, and Jeromin Zettelmeyer, 2001, “International Bailouts, Moral Hazard, and Conditionally,”paper prepared for the 33rd Economic Policy Panel meeting, Stockholm, April.
Oxford Analytica, 2001, “Russia: Internal Debt (E),” Oxford Analytica Brief (November 9, 2001, Part 1).
Özatay, F., 2000, “The 1994 Currency Crisis in Turkey,” Journal of Policy Reform, Vol. 3, pp. 327–52.
Radelet, Steven, and Jeffrey D. Sachs, 1998, “The East Asian Financial Crisis: Diagnosis, Remedies, Prospects,” Brookings Papers on Economic Activity: 1, Brookings Institution, pp. 1–90.
Rodrik, Dani, 1999, “The New Global Economy and Developing Countries: Making Openness Work,” Policy Essay No. 24 (Washington: Overseas Development Council; Baltimore, Maryland: Johns Hopkins University Press).
Sachs, Jeffrey D., Aaron Tornell, and Andrés Velasco, 1996, “The Collapse of the Mexican Peso: What Have We Learned?” Economic Policy, No. 22 (April), pp. 15–63.
Sachs, Jeffrey D., Aaron Tornell, and Andrés Velasco, 1996, “Financial Crises in Emerging Markets: The Lessons from 1995,” NBER Working Paper No. 5576 (Cambridge, Massachusetts: National Bureau of Economic Research).
Sargent, Thomas J., and Neil Wallace, 1985, “Some Unpleasant Monetarist Arithmetic,” Quarterly Review, U.S. Federal Reserve Bank of Minneapolis, Vol. 9 (Winter), pp. 15–31.
Summers, Lawrence H., 2000, “International Financial Crises: Causes, Prevention, and Cures,” American Economic Review, Papers and Proceedings (U.S.), Vol. 90 (May), pp. 1–16.
Tanner, Evan, 2000, “Exchange Market Pressure and Monetary Policy: Asia and Latin America in the 1990s,” Staff Papers, International Monetary Fund, Vol. 47, No. 3, pp. 311–33.
Üçer, E., Murat, C., Caroline van Rijckeghem, and R. Yolalan, 1998, “Leading Indicators of Currency Crises: A Brief Literature Survey and an Application to Turkey,” Yapi Credit Economic Review, Vol. 9 (December),No. 2.
West, Kenneth D., 1990, “The Sources of Fluctuations in Aggregate Inventories and GNP,” Quarterly Journal of Economics, Vol. 105 (Winter), pp. 939–71.
Willett, Thomas D., 2000, “Understanding the IMF Debate,” School of Politics and Economics Working Paper (Claremont, California: Claremont Graduate University).
Zhang, Xiaoming Alan, 1999, “Testing for ‘Moral Hazard’ in Emerging Markets Lending,” IIF Research Paper No. 99–1 (Washington: Institute of International Finance).
International Monetary Fund Copyright © 2010-2021. All Rights Reserved.