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Finance & Accounting
Pages 4 (1004 words)
Economic finance INTRODUCTION The arguments presented by Joseph E. Stiglitz had ignited debates around the world concerning the effectiveness of the International Monetary Fund (IMF) policies in context to the East Asian Financial Crisis of the late 1990s.
Theorists in this context often argued that the occurrence of East Asian crisis was the consequence of the fiscal irresponsibility performed by global institutions including the IMF, especially concerning its financial liberalization policy of the 1980s and the 1990s (Bustelo, “The East Asian Financial Crises: An Analytical Survey”). THESIS STATEMENT The following discussion hereunder intends to focus on the arguments made by Joseph E. Stiglitz on IMF intervention, which is often accounted as a key reason for the East Asian Financial crisis of the 1990s. Accordingly the discussion also includes the description of the other agendas laid by the IMF other than the promotion of stability and growth in the least developed countries of the world. HOW THE IMF INTERVENTION DID WORSEN THE EAST ASIAN FINANCIAL CRISIS OF THE LATE 1990s? According to Stiglitz, the IMF policies in respect to the gradual capital market and financial liberalization should be accounted as the most important reasons of the East Asian financial crisis in the year 1990 (89-91). Stiglitz further argues that the IMF was founded with an intention to deal with similar crisis situations, but it failed in preventing the East Asia Crisis of the 1990s rather worsening the crisis situation being emphasized to facilitate liberalization within the global economy. ...
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