English, PDF, 1,200kb

International Reserves: IMF Concerns and Country Perspectives

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

IMF Performance in the Run-up to the Financial and Economic Crisis, 2004-2007

It finds that the IMF provided few clear warnings about the risks and vulnerabilities associated with the impending crisis before its outbreak.


English, , 698kb

IMF Interactions with Member Countries

The evaluation evidence shows that IMF interactions were least effective with advanced and large emerging economies and most effective with PRGF-eligible countries.