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Acknowledgments vii Introduction ix 1. Emerging Markets Crises andPolicy Responses 1 The pre-crisis period 1 The crisis 7 IMF reforms,regulatory changes, and private sector innovations 18 2. The Economists'Views 23 Consensus view 23 Conflicting advice and the topsy-turvy principle29 "Unrealistic" encroachments on sovereignty 36 Theories 36 3. Outline ofthe Argument and Main Message 47 The problem of a standard borrower 48 Whyis external borrowing different? 48 Institutional and policy responses tomarket failure 50 4. Liquidity and Risk-Management in a Closed Economy 53Corporate financing: key organizing principles 53 Domestic liquidityprovision 70 5. Identification of Market Failure: Are Debtor CountriesOrdinary Borrowers? 77 The analogy and a few potential differences 77 Adual-agency perspective 81 The government's incentives 86 Discussion 88 Acommon-agency perspective 92 6. Implications of the Dual- and Common-AgencyPerspectives 97 Implication 1: the representation hypothesis 97 Implication2: policy analysis 102 Cross-country comparisons 108 Is there a need for aninternational lender of last resort? 110 7. Institutional Implications: WhatRole for the IMF? 113 From market failure to mission design 113 Governance116 8. Conclusion 129 References 131 Index 145