Author Description

Analyses the IMF's tools for crisis prevention, particularly the recently developed Flexible Credit Line (FCL) and Precautionary Credit Line (PCL). Examines why it took the fund so long to develop crisis prevention facilities that would find subscribers and scrutinises initial experiences with the FCL and PCL. Discusses the systemic implications of and problems associated with such crisis prevention facilities and examines why only so few countries are using these facilities thus far. Offers policy recommendations for the development of IMF's crisis prevention facilities.