| Foreword (69
kb PDF file) |
| Abbreviations
and Acronyms |
The
IMF and Recent Capital Account Crises:
Indonesia, Korea, Brazil |
| Executive
Summary (354 kb PDF file) |
|
| Main
Report |
| 1 |
Introduction |
| 2 |
The
Three Crisis Cases |
|
Indonesia |
|
Korea |
|
Brazil |
| 3 |
Precrisis
Surveillance |
|
The
Diagnosis Role of Surveillance |
|
The
Impact of Surveillance |
|
The
Role of Transparency |
|
Recent
Initiatives and Further Steps to Strengthen Surveillance |
| 4 |
Program
Design and Implementation |
|
Macroeconomic
Framework and Projections |
|
Fiscal
Policy |
|
Monetary
Policy |
|
Official
Financing and Private Sector Involvement |
|
Bank
Closure and Restructuring |
|
Structural
Conditionality |
|
Communications
Strategy to Enhance Ownership and Credibility |
| 5 |
Internal
Governance |
|
Human
Resource Management |
|
The
Role of Major Shareholders and the Executive Board |
|
The
Relations with Other International Financial Institutions |
| 6 |
Conclusions
and Recommendations |
|
Conclusions |
|
Recommendations |
| Appendix
1. |
The
IMF's Financial Arrangements with Three Crisis Countries, 1997–2002 |
| Appendix
2. |
List
of Interviewees |
| Box |
|
4.1. |
Conditionality
for Structural Reforms in an IMF-Supported Program |
| Figures |
|
2.1. |
Indonesia,
Korea, and Brazil: Exchange Rate Movements Against the U.S. Dollar Under
IMF-Supported Programs |
|
2.2. |
Indonesia:
Key Economic Variables |
|
2.3. |
Korea:
Key Economic Variables |
|
2.4. |
Brazil:
Key Economic Variables |
| Tables |
|
2.1. |
Indonesia:
Key Economic Indicators |
|
2.2. |
Korea:
Key Economic Indicators |
|
2.3. |
Brazil:
Key Economic Indicators |
|
4.1. |
Real
GDP and Investment Projections and Outturn in Crisis Countries |
|
4.2. |
Real
Interest Rates in Selected Countries |
|
4.3. |
Official
Financing Assumed in Initial IMF-Supported Programs |
|
Annexes |
| 1 |
Indonesia (211 kb PDF file) |
|
Introduction |
|
Precrisis
Surveillance |
|
Program
Design |
|
The
Mode of Operations |
|
Conclusions |
|
Appendix
A1.1. Indonesia: Selected Conditionality Under
IMF-Supported
Programs: Evolution and
Implementation,
1997–98 |
|
Appendix
A1.2. Indonesia: Timeline of Major Events |
| 2 |
Korea (222 kb PDF file) |
|
Introduction |
|
Precrisis
Surveillance |
|
Program
Design |
|
Program
Financing and the Debt Rollover |
|
Conclusions |
|
Appendix. Korea:
Timeline of Major Events |
| 3 |
Brazil (198 kb PDF file) |
|
Introduction |
|
Precrisis
Surveillance |
|
Program
Design |
|
Conclusions |
|
Appendix
A3.1. Brazil: Selected Conditionality Under
IMF-Supported
Programs, 1998–2000 |
|
Appendix
A3.2. Brazil: Timeline of Major Events |
| Annex
Boxes |
|
A1.1. |
Indonesia:
Was Monetary Policy Tight? |
|
A2.1. |
Merchant
Banks in Korea |
|
A2.2. |
The
IMF-Supported Program in Korea |
|
A2.3. |
Recent
Studies on the Impact of High Interest Rate Policy in Korea |
|
A3.1. |
Brazil:
The Real Plan |
|
A3.2. |
Brazil:
The Evolution of Exchange Rate Policy |
| Annex
Figures |
|
A1.1. |
Indonesia:
Selected Macroeconomic Indicators |
|
A1.2. |
Indonesia:
Monthly Nominal Interest Rates |
|
A1.3. |
Indonesia:
Monthly Real Interest Rates |
|
A1.4. |
Indonesia:
Daily Movements of the Rupiah-U.S. Dollar Exchange Rate |
|
A1.5. |
Indonesia:
Base Money Outcomes and Targets Under IMF-Supported Programs |
|
A2.1. |
Won-U.S.
Dollar Exchange Rate and Korean Equity Prices |
|
A2.2. |
Korean
and Emerging Market Borrowing Spreads |
|
A2.3. |
Won-U.S.
Dollar Spot and Forward Rates |
|
A2.4. |
Korea:
Overnight Call Money Rate and Inflation |
|
A2.5. |
Daily
Volatility of U.S. Dollar Exchange Rates Against Korean Won, Japanese
Yen, and Deutsche Mark |
|
A3.1. |
Brazil:
Real Effective Exchange Rate |
|
A3.2. |
Brazil:
Foreign Exchange Reserves |
|
A3.3. |
Brazil
and Emerging Markets Bond Index Spreads |
|
A3.4. |
Brazil:
Debt Sustainability Projections |
|
A3.5. |
Brazil:
Composition of Federal Domestic Securities |
|
A3.6. |
Short-Term
Interest Rate and Real-U.S. Dollar Exchange Rate |
| Annex
Tables |
|
A1.1. |
Indonesia:
Fiscal Outcomes and Targets |
|
A1.2. |
Indonesia:
Balance of Payments Projections and Outcomes |
|
A2.1. |
Korea
Balance of Payments and Financing Requirements |
|
A3.1. |
Brazil:
Fiscal Developments |
|
A3.2. |
Brazil:
Factors Affecting Net Public Debt |
|
A3.3. |
Brazil:
Financing Assumptions and Outturns |
|
A3.4. |
Brazil:
Macroeconomic Projections |
Bibliography (107 kb PDF file) |
|
| Memorandum
from First Deputy Managing Director (107 kb PDF file) |
| Statement
by Managing Director (107 kb PDF file) |
| IMF
Staff Response (107 kb PDF file) |
| Summing
Up of IMF Executive Board Discussion by Acting Chair (69
kb PDF file) |
