The paper examines the macroeconomic imbalance procedure (MIP) with the purpose of assessing its potential effectiveness compared to International Monetary Fund (IMF) surveillance. The comparison reveals that the MIP performs better than the Fund's surveillance in terms of the provision of clear...

The 2007–2008 financial crisis has once again prompted a lively debate on the benefits and risks of capital account liberalization in emerging market countries. This paper contributes to this debate by looking back at the 1990s through the lenses of the International Monetary Fund (IMF). On...

The paper sets out to explain why the European Central Bank and the European Commission relaxed their opposition to debt restructuring and fiscal accommodation for Greece in the shift from the first to second adjustment program. Using the findings of the empirical analysis, the paper shows that...