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Description
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After financial crises that occurred in emerging countries during the 1980s, the role of the International Monetary Fund began to change. The Fund's working field has shifted from industrialized countries to developing world, especially to emerging countries. Therefore, the IMF has become a ''lender of last resort'' for crises in emerging economies. Emerging countries have offered great opportunities to international investors since the beginning of the 1990s and therefore, these countries have experienced massive capital inflows. However, they have become vulnerable against crises due to their economic and structural weaknesses, and they have experienced severe economic crises such as 1994 Mexican Peso Crisis and 1997-98 Asian Financial Crisis. The negative effects of these crises were felt in the World, and they spread to many countries. After those crises, scholars, economists, and governments stated that the Fund deepened those crises with its programs and policies. In this context, the assistance of the IMF in those crises, have been the subject of many kinds of research and exposed to criticism.
