English, PDF, 1,200kb
In 2009-10, IMF Management advanced the argument that excessive reserve accumulation was jeopardizing the stability of the international monetary system. This evaluation traces the evolution of this thinking, in particular how it relates to the Fund’s longerstanding concern about the risks from global imbalances, and discusses reasons for the shift towards stressing the risks posed by excessive reserve accumulation.
English, , 690kb
It finds that the IMF provided few clear warnings about the risks and vulnerabilities associated with the impending crisis before its outbreak.
English, , 698kb
The evaluation evidence shows that IMF interactions were least effective with advanced and large emerging economies and most effective with PRGF-eligible countries.