The third issue is developing countries’ major demand. The IMF should lend during balance-of-payments crises rapidly and without overburdening conditions, particularly when the source of the crisis is a rapid reversal of capital flows or a sharp deterioration in the terms of trade. This would make the IMF more like a central bank, providing liquidity in an agile way, just as advanced countries’ central banks have been providing funds on a massive scale recently.
第三个问题是发展中国家的主要需求。国际货币基金组织应该在收支差额危机中迅速贷款，并且不对借款国家施加过重的负担条件，特别是当引起危机的原因是资本流向的快速逆转或者贸易收支的急剧恶化的时候。这会使国际货币基金组织看起来更像是一个以灵活方式提供流动性的中央银行，这种方式就像发达国家的中央银行最近提供大规模资金所使用的那样。就国际货币基金组织来说，提供这样的流动性的资金来源可以是特别提款权的抗周期发行。