The 2007-08 financial crisis has once again prompted a lively debate on the benefits and risks of capital account liberalization in emerging market countries. This paper contributes to this debate by looking back at the 1990s through the lenses of the IMF. Based on archival research, the paper argues that the IMF looked at Mexico as evidence of the benefits of global financial integration both before and after the crisis, focusing on macroeconomic conditions and underestimating the soundness of the domestic financial sector. In the conclusions, the paper links the findings with the debate that followed the subprime crisis