Subbarao has a point when he says IMF did a poor job of predicting the crisis or in offering solutions
.......The biggest blow to the IMF’s credibility, of course, came from its research head Olivier Blanchard releasing a detailed working paper in January saying the IMF had got the ‘fiscal multipliers’—the impact of reducing fiscal deficits on economic growth—horribly wrong. The research paper said the under-estimation during the early part of the European crisis may have been three times...........
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