Chapter 1 Introduction -- Chapter 2 The Speculator, and Financial Innovations: an Old Portrait -- Chapter 3 The Speculator, and Financial Innovations: a New Portrait -- Chapter 4 Uncertainty: the Necessary Unknowable Road to Speculation -- Chapter 5 Economic Bubbles, Schemes, and Market Failures...

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 addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The study’s conclusions are the basis of an ongoing policy dialogue with IMF member...

This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.

This paper examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy, and public policy. Financial stability is defined in terms of its ability to help...