IMF-supported Programs in Capital Account Crises

The increasing globalisation of capital markets presents new challenges for the design and implementation of programmes supported by the International Monetary Fund (IMF). This paper examines the design and experience of IMF supported plans in the context of eight capital account crises during the 1990's in the following countries: Turkey, Mexico, Argentina, Thailand, Indonesia, Korea, the Philippines and Brazil. The paper focuses on the financing strategies adopted and the role of macroeconomic and structural policies.