UPIER Working Paper Series- Volume 11 just published!

In the 1980s the IMF began to assume a new role as crisis manager. This was a period when financial markets were changing, becoming both more global and more integrated—shifts which changed the scale and composition of lenders to emerging economies. As a result, crises became far more complicated to resolve and required substantially increased funding. How did the IMF respond? This paper examines "uses of the past" in crisis resolution programmes in Asia in the 1990s. It finds that issues flagged in Mexico in 1985 were slow to translate into reformed policy and practice. Please click here to read the paper