OAFP 8035 - The IMF and the Resolution of International Financial Crises

While the globalization of private capital markets has generated important welfare gains, it has also been responsible for episodes of financial instability, often with devastating consequences. The Course will analyze the underlying causes of international financial crises and assess the efforts of policy makers to both mitigate their impact and prevent their recurrence. In that context, the course will analyze the role of the IMF in both managing these crises and putting in place mechanisms designed to reduce their frequency. The Course will be interdisciplinary in nature, focusing on the financial, economic, legal and political dimensions of these crises and the relevant policy responses. Key lessons will be distilled from an in-depth analysis of the most important episodes, including the Latin American Debt Crisis, the Asian Financial Crisis, Argentina’s default in 2001 and the crises precipitated by the Great Financial Crisis of 2008, including the Eurozone Crisis.

No Prerequisites

Classes will be delivered in person and we will rely on the group participation structure described above. Former IMF officials and sovereign debt practitioners will participate in a number of the classes.

Students will be expected to have read assigned materials prior to each class. To help manage the workload, the class will be divided into three groups, with one of the groups being assigned to lead the discussions for a particular class.