Fighting Financial Fires: An IMF Insider Account
'The International Monetary Fund is considered to be the fireman of the international financial and monetary system. Onno de Beaufort Wijnholds is both a close witness and outstanding expert of the Fund's role during the Global Financial Crisis and very well positioned to analyse and discuss it. Therefore, this book is essential and obligatory reading for academics and students, as well as policymakers and practioners interested in these aspects.' - Professor Sylvester Eijffinger, Tilburg University, CEPR and CESifo 'At last we have a book by an insider, Onno de Beaufort Wijnholds, who as Executive Director at the IMF for eight years, took part in 'Fighting Financial Fires,' the apt title of his book. Since the breakdown of the international monetary system in 1971 the IMF has become the pivotal international monetary institution, a kind of first aid station dealing out money, macroeconomic advice, and debt-restructuring programs to needy borrowers. Wijnholds was in a key position to know the inside stories that were behind key financial decisions and also to appraise the way political factors intruded on IMF decisions. Key factors he finds in the recurrent crises include excessive risk taking, herd behaviour, lack of transparency, supervisory shortcomings and macroeconomic policy mistakes. This well-written book contains valuable insights and balanced judgments that make it a must-read for both policy makers and students of international finance.' - Robert Mundell, University Professor and Nobel Laureate, Columbia University