Different strokes? : common and uncommon responses to financial crises /

Different strokes? : common and uncommon responses to financial crises /

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Bibliographic Details
Author / Creator:	Boughton, James M.
Imprint:	[Washington, D.C.] : International Monetary Fund, Secretary's Dept., ©2001.
Description:	1 online resource (18 pages)
Language:	English
Series:	IMF working paper ; WP/01/12 IMF working paper ; WP/01/12.
Subject:	Financial crises -- Econometric models. Fiscal policy -- Econometric models. Financial crises -- Econometric models. Fiscal policy -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12497448

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. Secretary's Department.
ISBN:	1451891016 9781451891010 1281604038 9781281604033 1462384404 9781462384402 1452736189 9781452736181 9786613784728 6613784729 9781451842906 1451842902
Notes:	Includes bibliographical references (pages 17-18). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	The recent blossoming of literature on international financial crises has demonstrated the variegation of causes leading countries to economic disaster. Once thought to be almost universally originating from fiscal and other macroeconomic policy errors, financial crises are now generally understood to emanate just as easily from external shocks or from internal structural imbalances. Less attention has been paid to the implications of this discovery for post-crisis economic and financial management. It has become fashionable to criticize the IMF for applying univariate solutions to multivariate problems, for being "an overbearing organisation with a well-thumbed book of macroeconomic-policy nostrums, "2 but that line of attack leads only to other questions. For example, if a country is initially in fiscal balance, does it follow that fiscal contraction is an inappropriate response to an external shock? More generally, does the uniqueness of each crisis and each country's circumstances imply that a unique response is required?
Other form:	Print version: Boughton, James M. Different strokes? [Washington, D.C.] : International Monetary Fund, Secretary's Dept., ©2001

Description
Summary:	Much of the debate about the management of financial crises has focused on structural and psychological issues regarding the conditions that are supposed to be necessary to restore investor confidence. Nonetheless, the paramount requirement in the short term is for countries in crisis to adopt correct macroeconomic policies. An analysis of conventional macroeconomic models reveals that countries can afford to run expansionary policies to restore internal balance only if they can afford to ignore the requirements for external balance. This arithmetic does not depend on whether macroeconomic policies were inappropriate before the crisis hit.
Physical Description:	1 online resource (18 pages)
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 17-18).
ISBN:	1451891016 9781451891010 1281604038 9781281604033 1462384404 9781462384402 1452736189 9781452736181 9786613784728 6613784729 9781451842906 1451842902