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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... adjustment , bail - ins , bailouts , and other policies to resolve crises Indicator Output fall Currency crisis Mexico Korea Thailand Indonesia Malaysia Russia 1994 1997 1997 1997 1997 1998 Large Large Large Very Large Small large Yes ...
... adjustment . Just as other types of domestic adjustment have limits , so does the amount of ad- justment that can come from a haircut on the domestic debt . From this point of view , the ideal debt restructuring process would start by ...
... adjustment path lets the bondholders negotiate directly with Ar- gentina the amount of additional adjustment it needs to undertake to reach a settlement with its external creditors . In practice , failing to define the amount of ...
เนื้อหา
Introduction | 1 |
Appendix A Tables 379 | 8 |
New Nature of EmergingMarket Crises | 25 |
ลิขสิทธิ์ | |
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