This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

This paper discusses the causes that led to an increase in the average interbank money market rate far above the policy rate in the period 17 October-5 November 2008. Data do not support the assumption that interest rate volatility was generated by inadequate liquidity management in the banking...