Chapter

A Re-evaluation of the IMF Reform Program: Wrong Diagnosis and Wrong Prescription<sup>1</sup>

Yung Chul Park

in Economic Liberalization and Integration in East Asia

Published in print December 2005 | ISBN: 9780199276776
Published online February 2006 | e-ISBN: 9780191603051 | DOI: http://dx.doi.org/10.1093/0199276773.003.0009
 A Re-evaluation of the IMF Reform Program: Wrong Diagnosis and Wrong Prescription1

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The IMF reform programs for the crisis countries did not have a well-defined roadmap to guide the formulation and implementation of stabilization policies, financial and corporate restructuring, and institutional reforms. The most important reason for this ineffectiveness was the IMF’s failure to recognize the crisis as a capital account crisis. This led to a wrong diagnosis, thus a wrong prescription.

Keywords: IMF conditionality; restructuring; reform program; capital account

Chapter.  2577 words. 

Subjects: Business and Management

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