This paper examines the various roles of IMF financing in crisis
prevention. Emerging market economies that experienced financial
crises in the past have been subject to enormous economic and
social costs, highlighting the importance of crisis prevention.
While the main defense against a crisis lies in a countrys own
policies and institutional framework, the IMF can contribute to
these efforts through its surveillance activities, provision of
technical assistance, and promotion of standards and codes. But the
IMF may be able to contribute to crisis prevention more directly by
providing contingent financial support. This paper explores the
theoretical basis of, and empirical evidence for, possible crisis
prevention programs.
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