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International Monetary Fund. Research Dept.

are empirical questions. Although no study has provided a complete cost-benefit analysis of rescue packages along these lines, a number of IMF researchers have gathered substantial empirical evidence on these questions. Several studies have looked at the real cost associated with financial crises, others have provided estimates of the likely moral hazard implications of rescue packages. The cost of real hazard, that is, of sharp declines in member countries’ economic performance, has been documented by several authors. With respect to the social costs, Baldacci

International Monetary Fund. Independent Evaluation Office

not a top priority, that the initial follow-up on the 2008 evaluation got underway. Nevertheless, the evaluation received support from a number of IMF Governors and the IMFC welcomed the ongoing reassessment of the Fund’s governance ( IMF, 2008a ). Box 1. The Committee on IMF Governance Reform Report and the Fourth Pillar Report Like the 2008 IEO evaluation, the Committee on IMF Governance Reform report pointed to the need to clarify the respective roles of IMF governance bodies; address the need for ministerial-level involvement in the strategic decision

Mr. Wayne W. Camard

For three days in August, Rutgers University Professor Michael Bordo and a group of noted academics provided senior officials from 30 countries and a number of IMF staff with a historical context for the often contentious issue of globalization. Sponsored by the IMF Institute, “Globalization in Historical Perspective” reprised an earlier National Bureau of Economic Research conference. The seminar focused, in particular, on the forces unleashed in the nineteenth century and the ensuing backlash and looked for insights into today’s policy debates.