Year: 2003
Type: book
Abstract: This page intentionally left blank ©International Monetary Fund. Not for RedistributionThis Occasional Paper originated in internal reports prepared during the course of 2002, in the context of the rapidly developing financial crisis in Latin America.To respond quickly and effectively to these evolving developments, the management team of the IMF-principally, the Managing Director, Horst Köhler, and the First Deputy Managing Director, Anne Krueger-sought to draw on the relevant expertise and experience of the entire institution.Two interdepartmental task forces were sequentially commissioned to distill the lessons that the IMF staff had learned in working on relevant aspects of earlier financial crises in Russia, Mexico, Asia, Turkey, and elsewhere around the world and to provide broad, useful operational guidance to the staff teams working in the field with the authorities of Latin America.The first task force, constituted in early 2002, focused on issues directly relevant to Argentina, the country where the crisis had first emerged and where the collapse was of almost unprecedented magnitude.The second task force concentrated on the threat of spillover to other countries in the region and the appropriate policy responses to specific vulnerabilities, such as those posed by dollarized financial systems.Each task force was divided into several teams and instructed to produce short, policy-oriented papers under tight deadlines.(A list of task force members is included at the end of this Occasional Paper.)The sections of this volume largely derive from these papers, which were put together in the spring and then over the summer of 2002.Some analysis, however, has not been included for reasons of space, or because the issue lacked broader, continuing interest (such as how to deal with the short-lived dual exchange rate regime of Argentina), or because of continuing market sensitivities.We would like to extend our profound thanks to all the IMF staff who contributed to this Occasional Paper-to the economists on the two task forces who were asked to take on this additional work with no relief from their already demanding regular duties; to the many other economists who commented on drafts and participated in discussions of the task force results; and to the many research officers and assistants as well as the administrative assistants who helped to prepare the text, tables, and charts.Finally, we wish to acknowledge the special contributions made by Jim McEuen,
Authors: G. Kincaid, Charles Collyns, [email protected], [email protected]
Institution: International Monetary Fund
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W1545594637