The Chastening: Inside The Crisis That Rocked The Global Financial System And Humbled The ImfLauded by reviewers and scholars alike, Paul Blustein's The Chastening examines the role of the International Monetary Fund in the series of economic crises that rocked the globe in the last decade. Based on hundreds of interviews with officials at the IMF, the World Bank, the U.S. Treasury, the Federal Reserve, the White House, and many foreign governments, The Chastening offers a behind-the-scenes look at the Fund during an extraordinarily turbulent period in modern economic history and at a time when the IMF has become the object of intense political controversy. While the IMF and its overseers at the Treasury and the Fed have sought to cultivate an image of economic masterminds coolly dispensing effective economic remedies, the reality is that as markets were sinking and defaults looming, the guardians of global financial stability were often floundering, improvising, and feuding among themselves. The Chastening casts serious doubt on the IMF's ability to combat of investor panics at a time when massive flows of money traverse borders and oceans. A readable, compelling account of the deeply flawed workings of the international political system, The Chastening is vital reading for students and scholars of international diplomacy, government, and economic and public policy. |
Contents
1 | |
19 | 51 |
Malignancy | 85 |
5 | 98 |
Sleepless in Seoul | 117 |
The Naysayers | 151 |
The Bosuns Mate | 175 |
8 | 181 |
Down the Tubes | 207 |
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Aghevli Asia Asian baht bailout Bank of Korea Bank of Thailand bank's bankers banking system billion bonds borrowing Brazil Brazilian Camdessus capital central bank chaebol Clinton companies countries country's creditors crises crisis currency board debt December default devaluation director dollars economic economists emerging markets exchange Fed's finance minister financial markets financial system firms Fischer foreign banks Fund's Geithner GKOs global Goldman Greenspan hard currency hedge funds High Command IMF officials IMF program IMF staffers IMF's Indonesian institutions interest rates investment investors issue Jakarta Japanese Korean Lipton loans Long-Term managing meeting ment mission monetary Moscow negotiations Neiss package Paul Blustein percent Plano Real policymakers president problem recalled reform rescue reserves risk Rubin rubles rupiah Russia Sachs Sakakibara SDRM Seoul September short-term Suharto Summers Thai tion trade U.S. dollar U.S. Treasury Washington Post weeks World Bank York Fed