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This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.

Money. Monetary policy --- Latin America --- Financial crises --- International Monetary Fund --- -Financial crises --- -339.7 <8> --- crise financiere --- amerique latine --- 65 management --- 336 financiën --- LAM / Latin America - Latijns Amerika - Amérique Latine --- 333.481 --- 330.05 --- 332.042 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336})--Zuid-Amerika --- financiele crisis --- latijns amerika --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- Working papers --- 339.7 <8> Internationale financien. Buitenlands betalingsverkeer --(z.o {336})--Zuid-Amerika --- Internationaal monetair fonds --- International monetary fund --- 339.7 <8> --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- IMF --- Financial crises - Argentina --- Financial crises - Latin America --- Banks and Banking --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Public Finance --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Financial Crises --- Banking --- Currency --- Foreign exchange --- Economic & financial crises & disasters --- Public finance & taxation --- Finance --- Fiscal policy --- Exchange rates --- Fiscal stance --- Public debt --- Banks and banking --- Debts, External --- Debts, Public --- Argentina

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International finance --- Loans, Foreign --- Debt relief --- Debts, External --- LDC / Developping Countries - Pays En Développement --- 336.311.2 --- 339.115 --- 339.727.2 --- dettes internationales --- gestion de la dette --- fmi --- 336.3435 --- 330.05 --- Foreign loans --- International loans --- Loans, International --- Loans --- Conditionality (International relations) --- Foreign loan insurance --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- Investments, Foreign --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Buitenlandse leningen van de overheid. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Internationale kapitaalbeweging. Buitenlandse leningen. Buitenlandse kredieten. Internationale kapitaalbeweging. Buitenlandse investeringen. Kapitaalinvoer. Kapitaaluitvoer. Kapitaalvlucht --- internationale schulden --- schuldbeheer --- imf --- Law and legislation --- Working papers --- Debt relief. --- Debts, External. --- Loans, Foreign. --- 339.727.2 Internationale kapitaalbeweging. Buitenlandse leningen. Buitenlandse kredieten. Internationale kapitaalbeweging. Buitenlandse investeringen. Kapitaalinvoer. Kapitaaluitvoer. Kapitaalvlucht --- Buitenlandse leningen van de overheid --- Buitenlandse schuld. Debt Equity Swap in LDC

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This paper provides a description and analysis of recent developments in international capital markets and an assessment of the prospects for private financing flows.

International finance. --- Banks and banking, International. --- Capital movements. --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- International banking --- Offshore banking (Finance) --- Transnational banking --- Financial institutions, International --- International monetary system --- International money --- Finance --- International economic relations --- Banks and Banking --- Finance: General --- Investments: Bonds --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Lending and Debt Problems --- Macroeconomics: Consumption --- Saving --- Wealth --- Financial Institutions and Services: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Banking --- Monetary economics --- Investment & securities --- Financial services law & regulation --- Bank credit --- Domestic savings --- Bonds --- Money --- Foreign banks --- Financial institutions --- National accounts --- Capital adequacy requirements --- Financial regulation and supervision --- International capital markets --- Financial markets --- Banks and banking --- Credit --- Saving and investment --- Banks and banking, Foreign --- Capital market --- Asset requirements --- United States