02435cas a2200301 a 4500 AALejournalIMF012572 230101c9999 xx r poo 0 0eng d 15.00 USD 9781589060821 0251-6365 BD-DhAAL BD-DhAAL Bulir, Ales. IMF-Supported Programs in Capital Account Crises : Design and Experience / Ales Bulir, Marianne Schulze-Gattas, Atish Ghosh, Alex Mourmouras. Washington, D.C. : International Monetary Fund, 2002. 1 online resource (94 pages) Occasional Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reviews the design of and experience with IMF-supported programs formulated in response to capital account crises in the 1990s, focusing on the experiences of eight countries: Turkey (1994), Mexico (1995), Argentina (1995), Thailand (1997), Indonesia (1997), Korea (1997), the Philippines (1997), and Brazil (1998). The capital account crises in emerging markets confronted both the affected countries and the IMF with a new set of challenges. The central feature of all these crises was the rapid reversal of capital inflows, bringing about a large and abrupt current account adjustment with pervasive macroeconomic consequences. The crises were characterized by an over-adjustment of external current accounts in relation to what was needed for any reasonable means of sustainability. This over-adjustment was associated with severe macroeconomic disruptions. Beyond the importance of crisis prevention, the experience of these countries suggests a number of lessons for program design in the context of high capital mobility-such as the appropriate roles for monetary, fiscal, and structural policies. Mode of access: Internet International Investment imf Long-Term Capital Movements imf Ghosh, Atish. Mourmouras, Alex. Schulze-Gattas, Marianne. Occasional Papers; Occasional Paper ; No. 2002/002 Full text available on IMF http://elibrary.imf.org/view/books/084/03430-9781589060821-en/03430-9781589060821-en-book.xml IMF e-Library