IMF POLICY ADVICE TO EMERGING MARKET ECONOMIES DURING THE 2008–2009 CRISIS: NEW FUND OR NEW FUNDAMENTALS?
Atish Ghosh (),
Jun Il Kim,
Jonathan Ostry () and
Marcos Chamon ()
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Christopher Crowe: IMF Research Department, USA
Jun Il Kim: IMF Research Department, USA
Journal of International Commerce, Economics and Policy (JICEP), 2011, vol. 02, issue 01, 1-17
This paper reviews the International Monetary Fund (IMF) policy advice to emerging market economies (EMEs) during the 2008-09 crisis, contrasting it to previous crisis episodes. EMEs that had strong fundamentals, and were mainly affected through international trade and financial spillovers, were advised to loosen monetary and fiscal policies, much like the counter-cyclical policies pursued by advanced economies. But in EMEs with "home-grown" vulnerabilities, the advice was more traditional fiscal consolidation, monetary restraint and structural reform, albeit with more financing and greater emphasis on cushioning the impact of the shock. Thus, the "new" IMF advice was the result of "new fundamentals" in EMEs.
Keywords: Emerging market crises; IMF policy; IMF supported programs; global financial crisis; E60; F30; F33 (search for similar items in EconPapers)
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