By Onno de Beaufort Wijnholds
A topical insider view of explanations and outcomes of monetary crises because the Mexican cave in of 1995. The publication encompasses a detailed exploration of contemporary and ongoing firestorms, together with the close to meltdown of the worldwide economic climate and the euro crisis, and indicates how one can store the overseas monetary and fiscal method.
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Additional resources for Fighting Financial Fires: An IMF Insider Account
The huge capital inflows received by a number of Asian countries, from those seeking profitable investment opportunities in these fast-growing economies, were also highlighted from time to time as a risk factor, as short-term and portfolio capital (equities and bonds) could be subject to sudden reversal. However, these warnings were of such a general nature that they were largely ignored. While the Mexican crisis was not universally seen as a threat to the international financial system, the East Asian crisis came to be recognized around the globe as a very dangerous firestorm that could cause first-degree burns among banks and other financial players.
The Thai crisis was causing tension in other countries in the region, though practically nobody felt that a full-blown crisis would soon sweep through a large swath of East Asia. Most bankers and officials recognized the possibility of contagion, even beyond the confines of Asia, but were inclined to play down such risks. I remember mentioning in a discussion in Hong Kong among Dutch officials and bankers that a country like Turkey could also be vulnerable to attack. indd 33 7/15/2011 7:18:46 PM 34 Fighting Financial Fires and that they had assured him that all was well.
At the time, I observed that the Mexican crisis had been a ruthless reminder of the limitations to the effectiveness of Fund surveillance. What could be done about it? The Whittome report had already exposed the main weaknesses. indd 21 7/15/2011 7:18:42 PM 22 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.