International Mensch Fund, por Paul Krugman. Sobre o FMI e o mea culpa.
The IMF has released an audit of its own response during the aftermath of the financial crisis, which concludes that it messed up by embracing fiscal austerity in 2010. It failed to understand that you need to differentiate between countries that borrow in their own currency and those that don’t; it failed to appreciate that the negative effects of fiscal contraction would be much larger in a zero lower bound environment.
Well, I could have told you all of that at the time – and in fact I did, over and over again.
But let us nonetheless celebrate the IMF’s willingness to look honestly at its own record and learn from it. Taking responsability for your acts and statements is all to rare in modern economic discourse, as the comedic evasions of the open-letter crew demonstrate. The Fund, ir turns out, is better than that, and deserves praise.