Financial globalisation has transformed the IMF's relations with emerging markets.
This began in the 1980s debt crisis, when much of the Fund's work was dominated by helping countries, especially in Latin America, overcome the consequences of reckless borrowing - and, with hindsight, unwise lending.
In the 1990s, turbulence in international capital markets hit Mexico, the major Asian economies, Russia, Turkey, Brazil and Argentina. And again the IMF helped, first in conjunction with others, more recently mostly alone.
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International Monetary Fund