Kunibert Raffer
November 2004
Thanks for Walden's useful points. Just two clarifying remarks:

1) I understand that Oscar and Alberto when elaborating their idea thought of Chapter 9, not 11. Walden would be right - Chapter 11 (which is Krueger's model) is not appropriate. Regarding this I am totally agreed with the IMF before November 2001.

2) Capital controls: don't let's forget that these continue to be a membership right of IMF members. By forcing countries to liberalise capital accounts the IMF has repeatedly and flagrantly violated its own constitution. We should not let this be forgotten, especially not vi-・vis "donors" that keep preaching the Rule of Law to the South while alowing institutions they control totally to violate it continuously.

Regards
Kunibert