The IMF and global financial crises : Phoenix rising? / by Joseph P. Joyce.

Includes bibliographical references and index.

Print version record.

1. Introduction -- 1.1. IPGs and Financial Stability -- 1.2. IGOs and the IMF -- 1.3. Principals and Agents -- 1.4. Overview -- 2. Bretton Woods -- 2.1. New Order -- 2.2. Administrative Arrangements -- 2.3. Adjustment versus Finance -- 2.4. Collapse of Bretton Woods -- 2.5. IMF and Bretton Woods: Appraisal -- 3. Transitions -- 3.1. New Responsibilities -- 3.2. Euromarkets -- 3.3. Recycling -- 3.4. New Organizations -- 3.5. IMF and the Nonsystem: Appraisal -- 4. Debt Crisis -- 4.1. Crisis Emergence -- 4.2. Crisis Manager -- 4.3. Program Breakdowns -- 4.4. Crisis Resolution -- 4.5. Basel I -- 4.6. IMF and the Debt Crisis: Appraisal -- 5. Global Finance Redux -- 5.1. Resurgence of Capital Flows -- 5.2. IMF Programs and Capital Decontrol -- 5.3. Catalysis -- 5.4. New Amendment -- 5.5. IMF and Financial Liberalization: Appraisal -- 6. Currency Crises -- 6.1. ERM -- 6.2. IMF and the ERM Crisis: Appraisal -- 6.3. Mexico: Crisis -- 6.4. Mexico: Aftermath -- 6.5. IMF and Mexico: Appraisal -- 7. Widening Gyre -- 7.1. East Asia -- 7.2. IMF and East Asia: Appraisal -- 8. Fiscal Follies -- 8.1. Russia -- 8.2. IMF and Russia: Appraisal -- 8.3. Brazil -- 8.4. Argentina -- 8.5. IMF and Argentina: Appraisal -- 9. Lessons Learned -- 9.1. Reforms -- 9.2. International Lender of Last Resort -- 9.3. FSF and Basel II -- 9.4. Reserves and Regional Arrangements -- 10. Great Recession -- 10.1. Global Imbalances -- 10.2. Premonitions -- 10.3. Impasse -- 10.4. Implosion -- 10.5. IMF and the Great Recession: Appraisal -- 11. World Turned Upside Down -- 11.1. Debt Again -- 11.2. Integration or Autonomy? -- 11.3. What Is to Be Done?

The IMF's response to the global crisis of 2008-9 marked a significant change from its past policies. The Fund provided relatively large amounts of credit quickly with limited conditions and accepted the use of capital controls. This book traces the evolution of the IMF's actions to promote international financial stability from the Bretton Woods era through the most recent crisis. The analysis includes an examination of the IMF's crisis management activities during the debt crisis of the 1980s, the upheavals in emerging markets in the 1990s and early 2000s, and the ongoing European crisis. The dominant influence of the United States and other advanced economies in the governance of the IMF is also described, and the replacement of the G7 nations by the more inclusive G20, which have promised to give the IMF a role in their mutual assessment of policies while undertaking reforms of the IMF's governance.

English.

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