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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... country like the United States . The loan has to be big enough to en- able the crisis country to make payments on at least those debts that are coming due immediately . The country uses the financial reprieve to take steps to correct ...
... country that it has no choice but to seek a debt restructuring . Why Crisis Resolution ? It is worthwhile to focus on how to respond to crises for three main rea- sons . First , IMF decisions matter . Refusing to give rescue loans to ...
... crisis , not in advance . Still , the expectation that the IMF will try to ... country and its creditors alike . If countries are spared the costs of run ... crisis resolution , 7 has rightly been called the most difficult issue in the ...
เนื้อหา
Introduction | 1 |
Appendix A Tables 379 | 8 |
New Nature of EmergingMarket Crises | 25 |
ลิขสิทธิ์ | |
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