Bailouts Or Bail-ins?: Responding to Financial Crises in Emerging EconomiesInstitute for International Economics, 2004 - 427 หน้า Roughly once a year, the managing director of the International Monetary Fund, the US treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country's banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt. |
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... Ecuador Ecuador has many of the typical problems of a small , heavily indebted , and poorly managed economy beset by persistent political conflict . Low government revenues ( only 14.6 percent of GDP in 1997 ) contributed to persistent ...
... ( Ecuador , Russia's London Club debt restructuring and GKOs / OFZS ) . Ecuador , Pakistan , and Ukraine all obtained participation rates above 95 percent in their exchange , and Uruguay obtained a participation rate above 90 percent.53 ...
... Ecuador's bonds would have to be part of the broader financial restructuring the country clearly needed . Since Ecuador's bonds - unlike Pakistan's — were in the leading index of emerging - market debt , Ecuador's default had a ...
เนื้อหา
Introduction | 1 |
Appendix A Tables 379 | 8 |
New Nature of EmergingMarket Crises | 25 |
ลิขสิทธิ์ | |
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