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Much of the debate about the management of financial crises has focused on structural and psychological issues regarding the conditions that are supposed to be necessary to restore investor confidence. Nonetheless, the paramount requirement in the short term is for countries in crisis to adopt correct macroeconomic policies. An analysis of conventional macroeconomic models reveals that countries can afford to run expansionary policies to restore internal balance only if they can afford to ignore the requirements for external balance. This arithmetic does not depend on whether macroeconomic policies were inappropriate before the crisis hit.

Exports and Imports --- Financial Risk Management --- Public Finance --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- International Monetary Arrangements and Institutions --- International Investment --- Long-term Capital Movements --- Financial Crises --- Fiscal Policy --- International economics --- Economic & financial crises & disasters --- Macroeconomics --- Capital outflows --- Financial crises --- Capital inflows --- Capital flows --- Fiscal policy --- Balance of payments --- Capital movements --- Korea, Republic of

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The international monetary system is largely the product of negotiations during World War II between U.S. and U.K. officials, led respectively by Harry Dexter White and John Maynard Keynes. The design of the system, especially the International Monetary Fund, reflects the U.S. plan much more than the British. That outcome resulted not only from the superior economic position of the United States but also from differences between White's and Keynes's views on key issues. Examination of White's economic papers shows that he was more multilateral than Keynes and placed a higher priority on monetary discipline.

Banks and Banking --- Investments: Metals --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Investment & securities --- Banking --- Currencies --- International monetary system --- Gold --- Credit --- Money --- International finance --- Banks and banking --- United States

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A recent paper by Baba, Hendry, and Starr presents an error-correction model of the demand for M1 in the United States, which shows a dramatic improvement in both fit and stability over earlier models. This note estimates an alternative model with the same data set and draws two conclusions: that the improvements are due more to the use of complex dynamics than to the introduction of variables representing financial innovation, and that some of the economic properties are not robust with respect to minor changes in specification.

Banks and Banking --- Demand for Money --- Demand for money --- Finance --- Financial services --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Monetary economics --- Money and Monetary Policy --- Money --- Short term interest rates --- United States

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The IMF was established in 1944 in part to “give confidence” to member countries by providing short-term credits. Although the intention was that the availability of the Fund’s resources should prevent countries from experiencing financial crises, in practice the institution often has found itself helping its members cope with crises after they occur. This paper examines how the role of the IMF as crisis manager has evolved over time, from its earliest loans to the exchange crisis that hit Mexico in December 1994. It argues that the defining moment for this role was the international debt crisis of 1982.

Banks and Banking --- Exports and Imports --- Financial Risk Management --- Money and Monetary Policy --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- International Policy Coordination and Transmission --- Financial Crises --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Economic & financial crises & disasters --- International economics --- Monetary economics --- Banking --- Financial crises --- Credit --- Balance of payments need --- Capital outflows --- Money --- Balance of payments --- Current account deficits --- Capital movements --- Banks and banking --- Mexico

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Harry Dexter White, the principal architect of the international financial system established at the end of the Second World War, was arguably the most important U. S. government economist of the 20th century. His reputation, however, has suffered because of allegations that he spied for the Soviet Union. That charge has recently been revived by the declassification of documents showing that he met with Soviet agents in 1944 and 1945. Evaluation of that evidence in the context of White’s career and worldview casts doubt on the case against him and provides the basis for a more benign interpretation.

Macroeconomics --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Exports and Imports --- Budgeting --- History of Thought: Individuals --- International Monetary Arrangements and Institutions --- Labor Economics: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Trade Policy --- International Trade Organizations --- National Budget --- Budget Systems --- Labour --- income economics --- Monetary economics --- Public finance & taxation --- Finance --- International economics --- Budgeting & financial management --- Labor --- Currencies --- Money --- Administration in revenue administration --- Revenue administration --- Loans --- Financial institutions --- Bilateral trade agreements --- International trade --- Economic classification --- Public financial management (PFM) --- Labor economics --- Revenue --- Commercial treaties --- Budget --- Russian Federation --- Income economics