Abstract
This chapter1 offers an assessment of the interests of developing countries in the proposal to create a new, fast-disbursing financing facility within the IMF. The idea of creating an ‘emergency’ facility to counter capital flows judged to be speculative and destabilizing harks back to an idea that was discussed in the Committee of Twenty (on international monetary reform) in the early 1970s. It was revived by Michel Camdessus in speeches in May and June 1994, and subsequent IMF Executive Board papers.
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References
Sachs, Jeffrey (1995) ‘The IMF and Economies in Crisis’, Harvard Institute for International Development, mimeo.
Triffin, Robert (1959) Gold and the Dollar Crisis ( New Haven: Yale University Press).
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© 1998 United Nations Conference on Trade and Development
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Williamson, J. (1998). A New Facility for the IMF?. In: Helleiner, G.K. (eds) Capital Account Regimes and the Developing Countries. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-26789-7_5
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DOI: https://doi.org/10.1007/978-1-349-26789-7_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-26791-0
Online ISBN: 978-1-349-26789-7
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