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Contributions from
the Column
Facts and trends
The FAO adopts guidelines
The reality of development aid
IMF evaluation of capital market liberalisation
Kenya produces generic AIDS drugs
UN Report: fewer conflicts in Africa
Computers for the poor
“In Afghanistan, donors must do more
to support the private sector”
Debt relief stays on the agenda
11/2004
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IMF evaluation of capital market liberalisation
The Independent Evaluation Office of the International Monetary Fund (IMF) intends to investigate whether the Fund’s recommendations on capital market liberalisation in the past were always appropriate. Civil society groups and economists have repeatedly complained, particularly since the Asian crisis at the end of the 1990s, that the IMF forces countries to open their capital markets too hastily, and thereby contributes to financial crises. Against this background, the IMF Independent Evaluation Office plans to examine whether the Fund has, in the past, adequately considered alternatives before advising a country to adopt a particular policy. The evaluation should also clarify whether the Fund did “objectively assess” the use and the effectiveness of temporary capital controls and whether, in its recommendations for poor countries, it has paid enough attention to possible fluctuations on capital markets in developed countries, which could have an effect on other countries. The evaluation will cover the last thirteen years and ground on IMF documentation on more than thirty countries and more detailed case studies of five or six countries. The Evaluation Office welcomes comments and input.(ell)
Further information:
http://www.imf.org/ieo
ieo@imf.org
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