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Applying the Lessons of Asia: The IMF’s Crisis Management Strategy in 2008

By Shinji Takagi

Abstract

The paper examines the recent European crisis management programs of the International Monetary Fund (IMF) to see how the lessons of Asia were applied. Compared to the Asian programs of 1997, the European programs of 2008 were better funded and their structural conditionality more focused. Other than these, the overall thrust of the programs was similar: fiscal and monetary tightening, coupled with banking reforms. [ADBI Working Paper 206]European crisis, International Monetary Fund, Asian, structural, fiscal, monetary

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