THE IMF, NOW MORE THAN EVER: THE CASE FOR FINANCIAL PEACEKEEPING

In: Foreign affairs, Band 77, Heft 6, S. 7-13

Abstract

TODAY THE INTERNATIONAL MONETARY FUND (IMF) IS NEEDED MORE THAN EVER. THE IMF'S PERFORMANCE IN THE ASIAN FINANCIAL CRISIS HAS HIGHLIGHTED THE THREE ROLES IT NEEDS TO PLAY IN TODAY'S ECONOMIES. FIRST, THE IMF OFFERS SOUND MACROECONOMIC POLICY ADVICE THAT POLITICIANS CAN SELL TO VOTERS AS THEIR OWN; SECOND, THE IMF ACTS AS A GLOBAL LENDER OF LAST RESORT DURING A LIQUIDITY CRUNCH; THIRD, THE IMF PROMOTES MICROECONOMIC REFORMS THAT MIGHT OTHERWISE BE POLITICALLY UNACCEPTABLE.