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Economic and Financial Crises in Emerging Market Economies$
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Martin Feldstein

Print publication date: 2003

Print ISBN-13: 9780226241098

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226241104.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 September 2021

IMF Stabilization Programs

IMF Stabilization Programs

(p.297) 4 IMF Stabilization Programs
Economic and Financial Crises in Emerging Market Economies

Anne O. Krueger

Stanley Fischer

Jeffrey D. Sachs

University of Chicago Press

This chapter examines the role of the stabilization programs of the International Monetary Fund (IMF) in the twin crises in the 1990s. These are the balance-of-payments-cum-financial crisis in Mexico in 1994 and the Asian financial crises of 1997–98. This chapter explains that the magnitude and severity of these crises led many to question the role of the IMF both in failing to anticipate and prevent the difficulties and in overseeing programs intended to address the crisis situations. It also considers the types of programs that must be developed when the financial and exchange rate crises occur simultaneously.

Keywords:   International Monetary Fund, IMF, stabilization programs, financial crises, balance of payments, Mexico, Asia, exchange rate crises

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