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15 Tul. J. Int'l & Comp. L. 121 (2006-2007)
Why Some Developing Countries Are Better Placed than the International Monetary Fund to Develop Policy Responses to the Challenges of Global Capital

handle is hein.journals/tulicl15 and id is 125 raw text is: Why Some Developing Countries Are Better Placed Than the International Monetary Fund To Develop Policy Responses to the Challenges of Global Capital Ross P. Buckley* The International Monetary Fund& track record on developing policy to govern the interaction of developing countries and global capital is not stng. Aigentina was an IMF poster cld throughout the 1990s. Its economyimplodedin 2001. The Brady Plan provided a resolution for the Latin American debt crisis of the 1980s Yet the Plan was conceived not by the IMJF but by Brazl andMexico. Chle successfullycharted its own coure through the turbulent 1990s with the adoit use of home-grown capital controls. Likewise, Malaysia chated its own coure out of the 1997 Asian crisis more advantageously than nations that implemented IME programs and with policies the JMF vehemently opposed The lesson is that developing nations need to develop their own innovative solutions to the challenges of global capital and are ofen better placed to do so than the IME I. THE ARGENTINE EXPERIENCE .......................................................... 123 A . O verview ................................................................................. 123 B. Causes oftheArgentine Crisis ............................................... 125 1. The Peso-Dollar Peg ....................................................... 125 2. Excessive Indebtedness .................................................. 127 3. C orruption ...................................................................... 128 4. IM F Policies .................................................................... 129 II. THEBRADY PLAN ............................................................................. 131 A . O verview ................................................................................. 131 B. The Impact of the BiadyP ................................................ 137 Il. CHILE'S RESPONSE TO INCREASING CAPITAL INFLOWS IN THE EARLY 1990S .................................................................................... 138 IV MALAYSIA'S EXPERIENCE IN THE 1997 ASIAN CRISIS ..................... 142 * Professor of Law, University of New South Wales; Program Leader, Enhancing Australia's Security, Stability and Prosperity in the 21st Century, a Research Network of Australia 21 (http://www.australia21.org.au). Earlier versions of this Article were presented to the Financing for Development Colloquium, Gold Coast, Australia, in August 2004, and to the Faculty of Economics and Business, University of Sydney in November 2005. I would like to thank the participants at those events for their helpful input and, in particular, Anthony Clunies- Ross for his suggestion of expanding the scope of this Article to include Chile's experiences. In addition, my sincere thanks to Bradly Condon, Douglas Arner, and Paul Ali for their insightful comments on an earlier version, and to Anna Lyons and Tina Hunter for their excellent research assistance. All responsibility is mine.

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