International Monetary Fund (IMF) policy has varied over time and among countries. For example, Latin American growth in the 1980s was stalled for years as countries in debt, bank creditors, and the IMF delayed various debt restructuring plans. After a decade of lost growth opportunities, the Brady Plan was put into place and creditors paid for the restructuring. In the past decade, the IMF has orchestrated partial or complete bailouts of foreign creditors in Mexico, Asia, and Argentina--yet in Ecuador the IMF stepped aside, and foreign creditors rather than the local taxpayers bore the brunt of the costs.

Panelists will evaluate and describe the role of the IMF and the various policies used in restructuring and reducing countries’ debts. They will define "bailout" (the bailout of foreign creditors by local taxpayers) and "bail-in" (the involvement of the private sector in reducing debts), as well as what constitutes a "neutral" IMF policy.