By Onno de Beaufort Wijnholds
A topical insider view of motives and outcomes of monetary crises because the Mexican cave in of 1995. The e-book features a unique exploration of modern and ongoing firestorms, together with the close to meltdown of the worldwide economic system and the euro predicament and indicates how you can retailer the overseas monetary and fiscal method.
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Additional info for Fighting Financial Fires
This was quite noticeable to me when I met with Dutch policymakers in Amsterdam in early June 1997 to discuss IMF matters, as I did on a regular basis. When I suggested adding Thailand to the agenda, in view of some ominous information I had obtained in Washington, my request was met with some surprise. I suggested that there was a risk of contagion if the baht were to take a dive, but received little response. Events in Bangkok came to a head as the Central Bank was finally forced by a new Minister of Finance, Thanong Bidaya, to reveal the true extent of Thailand’s usable reserves.
The Whittome report had already exposed the main weaknesses. indd 21 7/15/2011 7:18:42 PM Fighting Financial Fires countries. Better data collection and more transparency were advocated and useful initiatives were taken. There was also an exhortation to pay more attention to countries’ financing policies and the soundness of their financial sectors. All of this was useful, but could not, of course, guarantee the absence of future crises, not least because of patchy implementation of these laudable intentions.
By and large the IMF was also alert to deteriorating conditions in the Philippines and Malaysia, both of which narrowly avoided a real crisis, as well as in Indonesia, where the Asian crisis hit hardest. The Fund staff did, however, fail to detect the serious underlying weaknesses in South Korea, as will be explained later. In the years before the outbreak of the East Asia crisis in 1997, some warnings had been expressed in general terms. In 1995 , inspired by the Mexican experience, the Ministerial Committee of the IMF – then unhelpfully known, for historical reasons, as the Interim Committee, and later renamed the International Monetary and Financial Committee (IMFC) – warned against weaknesses in the financial systems in developing countries.