In 1995 the fund moved to increase disclosure requirements of countries borrowing money and at the same time created an emergency bailout fund for countries in financial crisis. IMF was criticized in 1998 for exacerbating the Asian financial crisis, through the fund's decision to require Asian nations to raise their interest rates to record levels. During the international financial crisis of the early 21st cent., the IMF provided loans and access to credit of more than $100 billion to developing countries that were affected by falling demand for their exports and other financial problems. The fund is ruled by a board of governors, with one representative from each nation. The board of governors elects an executive board of some 20 representatives to conduct regular operations. There are 186 members in the IMF.
See studies by H. G. Grubel (1970), T. Agmon et al., ed. (1984); R. D. Hormats (1987), T. Ferguson (1988), E. P. McLellan, ed. (2002), D. Vines and C. L. Gilbert, ed. (2004), E. M. Truman, ed. (2006), and G. Bird (2003) and as ed. with D. Rowlands (2 vol., 2007).
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