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Volume 4  Number 2  •  Fall 1999
All Issues:  

What’s Wrong with the IMF? What Would Be Better?
By Allan H. Meltzer
This article appeared in the Fall 1999 issue of The Independent Review

Created in 1944 to help stabilize debtor countries, the International Monetary Fund today is a source of instability, chiefly through its subsidies of risky bank loans and penalties on sound ones. The time has come to rely more on bank capital and market-based incentives to strengthen the international financial system.

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