The IMF's Imprudent Role As Lender of Last Resort

Charles W. Calomiris

156 citations0/0 files storedRePEc: Research Papers in Economics

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Global Financial Crisis and Policies Economic, financial, and policy analysis Global Financial Regulation and Crises

Abstract

The responses by the IMF and the U.S. government to the Mexican crisis of 1994-1995 and the recent Asian crises are examples of dangerous short-sightedness. In the wake of those crises, the Clinton Administration is promoting a new doctrine of global financial bailouts, administered through IMF largesse and conditions. If the IMF and the U.S. Treasury are permitted to prevail, the efficiency of global capital markets will suffer, and the incidence and the severity of financial crises will grow.

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References

1995The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience 1991The Origins of Banking Panics: Models, Facts, and Bank Regulation 1996Bank Soundness and Macroeconomic Policy 1998Refocusing the IMF 1994Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic 1997Bank Insolvency: Bad Luck, Bad Policy, or Bad Banking?1985Clearinghouses and the Origin of Central Banking in the United States 1990Is Deposit Insurance Necessary? A Historical Perspective

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