This paper examines whether or not liberalized capital-account regulations have increased the frequency and magnitude of IMF programs in developing countries. It briefly reviews the literature on the role of financial liberalization in causing balance-of-payments crises. Empirical evidence is then presented which examines the connection between capital account liberalization and IMF resource use. Contrary to initial expectations, capital account liberalization appears to be associated with reduced reliance on the IMF, at least for the 1965-1995 period. Some possible ways of reconciling these results with the current crisis are suggested, and the consequences for IMF resource management are examined.