Book DescriptionThe Independent Evaluation Office (IEO) was established by the IMF's Executive Board in 2001. It provides objective and independent evaluation of issues related to the IMF. The IEO operates independently of IMF management and at arm's length of the IMF Executive Board. This report evaluates the role of the IMF in three recent capital account crises, in Indonesia (1997-98), Korea (1997-98), and Brazil (1998-99), and the lessons to be drawn from the experience. It also recommends steps aimed at making the IMF's surveillance and program design more effective in the prevention and management of future account crises. Annexes contain the three country case studies that form the basis for the judgements in the report.

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