The programs of the IMF were designed to provide short-term assistance to countries with balance-of- payments disequilibria. Over time, however, the Fund instituted new facilities with longer time horizons, while many countries adopted consecutive programs. As a result, the length of time spent...

We evaluate the claim that the International Monetary Fund precipitated financial crises during the 1990s, by pressuring countries to liberalize their capital accounts prematurely. Using data from a panel of developing economies from 1982-98, we examine whether the changes in the regime...