scholarly journals The global financial crisis and its effects on the international monetary funds

2022 ◽  
Vol 42 (1) ◽  
pp. 5-24
Author(s):  
Cosimo Magazzino ◽  
Marco Mele
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Global Financial Crisis ◽  
Economic Policies ◽  
A Posteriori ◽  
Ex Ante ◽  
The Global Financial Crisis ◽  
The International Monetary Fund ◽  
Economic And Financial Crisis ◽  
The Imf

ABSTRACT This paper aims to analyze the innovations introduced in the functions of the International Monetary Fund in the context of the 2008 economic and financial crisis. This promoted an action that aimed to strengthen the surveillance function through the adoption of the Integrated Surveillance. Thus, alongside the traditional conditionality based on an a posteriori implementation of adequate economic policies, a criterion of ex ante conditionality in the precautionary branches was also introduced or based on the economic characteristics of the country to be financed. Concerning traditional conditionality, it will be asked whether the IMF has adopted a less extensive approach than its role.

Note Purchase Agreement Between the People's Bank of China and the International Monetary Fund

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Balance Of Payments ◽  
Financial Resources ◽  
Bank Of China ◽  
Emerging Market Countries ◽  
The Global Financial Crisis ◽  
The International Monetary Fund

In light of the international effort to ensure the adequacy of the financial resources available to the Fund, and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance, particularly to developing and emerging market countries affected by the global financial crisis, the PBC agrees to purchase from the Fund promissory notes.

scholarly journals A fresh view twenty years on: The Asian financial debacle and the Minskyan lessons learnt by the International Monetary Fund

2018 ◽  
Vol 63 (218) ◽  
pp. 129-156
Author(s):  
Ognjen Radonjic ◽  
Miodrag Zec
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Capital Controls ◽  
Regional Economies ◽  
Financial Difficulties ◽  
Financial Liberalisation ◽  
The Global Financial Crisis ◽  
The International Monetary Fund

In this paper we shall sketch the anatomy of the Asian financial crisis which erupted twenty years ago. In order to answer the question of how and why this crisis developed and what went wrong in its aftermath we embrace the Financial Instability Hypothesis of the seminal post- Keynesian economist Hyman P. Minsky. The real causes of the Asian crisis were endogenously developed euphoric expectations that followed financial liberalisation and deregulation and propelled the creation of an inverted capital structure and financial fragility. After the initial crisis and subsequent abrupt reverse of investor?s sentiments, the International Monetary Fund intervened and multiplied financial difficulties that strangled regional economies. Fortunately, gradually and in line with the Minskyan approach to financial crises, the International Monetary Fund learned from its Asian mistakes, and starting from the outbreak of the global financial crisis in 2008 and the succeeding financial crisis in Eastern Europe in 2009, dropped its opposition to capital controls and its support for austerity measures in crisis-hit emerging market economies.

Part I International Capital Markets in Context, 3 International Organizations and the Capital Markets

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Focal Point ◽  
International Capital ◽  
International Capital Markets ◽  
The World Bank ◽  
The Global Financial Crisis ◽  
The International Monetary Fund

This chapter examines the International Organization of Securities Commissions (IOSCO). Over the nearly four decades of its existence, as its composition and roles evolved, and in the absence of any other body, IOSCO became a focal point for oversight of international capital markets. Crises, first the regional Asian financial crisis of 1997–98 and then the global financial crisis, have dramatically changed IOSCO. Crises have also thrust capital markets into the international limelight, and led to the appearance of new international institutions, including the Financial Stability Forum (FSF) and the Financial Stability Board (FSB). Unlike IOSCO, both the FSF and the FSB were political initiatives. As such, they also drew into their orbit formal treaty organizations such as the International Monetary Fund (IMF) and The World Bank, among others. The chapter then looks at international financial institutions and the Financial Sector Assessment Program (FSAP).

International monetary fund after the financial crises of the 1990s

2001 ◽  
Vol 10 (1) ◽  
Author(s):  
Jiří Jonáš
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Financial Crises ◽  
International Monetary System ◽  
Proper Role ◽  
Monetary System ◽  
Policy Strategies ◽  
The International Monetary Fund ◽  
The Imf

In this article, I would first discuss briefly what we know about the causes of the recent financial crises, and whether the International Monetary Fund (IMF) could have done more to prevent them. I will explain what policy strategies the IMF recommended to resolve these crises, why it recommended these policies, and to what extent is the criticism of these recommendations justified. In the second part, I will discuss the lessons which the IMF has drawn from these crises. I will explain how the experience of recent years has changed the thinking about the proper role of the IMF in supporting stable international monetary system. I will focus on two broad areas of changes in the activity of the IMF. First, on measures that are being taken to make the repetition of financial crises less likely; second, on measures to be applied if the prevention fails and if a financial crisis strikes again.

scholarly journals Managing Systemic Banking Crises

2020 ◽  
Vol 20 (05) ◽  
Author(s):  
Marina Moretti ◽  
Marc Dobler ◽  
Alvaro Piris Chavarri
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Technical Assistance ◽  
Global Financial Crisis ◽  
Banking Crises ◽  
Executive Board ◽  
The Global Financial Crisis ◽  
The Imf

This paper updates the IMF’s work on general principles, strategies, and tech-niques from an operational perspective in preparing for and managing sys-temic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.

A Past Returned, A Future Deferred

2020 ◽  
pp. 163-184
Author(s):  
Maya Nadkarni
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Global Financial Crisis ◽  
Fiftieth Anniversary ◽  
Right Wing ◽  
Economic Prosperity ◽  
Economic Crises ◽  
Twentieth Anniversary ◽  
The Global Financial Crisis ◽  
The Right

This chapter examines how the experience of the crises fueled renewed complaints that remains of socialism prevented Hungarians from attaining a “normal” life of political civility and economic prosperity. It talks about Hungary's twentieth anniversary of 1989, in which the memory of the transition now only inspired the lament that “communism never ended.” With the anniversary of the events in 1989, new political and economic crises appeared to threaten the success of Hungary's postsocialist transformation. The chapter also narrates events on the fiftieth anniversary of the 1956 revolution in 2006 when the right-wing demonstrators protested the socialist-led government and had admitted to lying to win the election. It also discusses the global financial crisis in 2008 that hit Hungary with disproportionate force that lead to the first-ever International Monetary Fund bailout of an EU country.

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