Bailouts Or Bail-Ins?: Responding to Financial Crises in Emerging EconomiesPeterson Institute, 30 àÁ.Â. 2004 - 348 ˹éÒ 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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˹éÒ 7
... Argentina and linked Uruguay's rescue loan to a restructuring of Uruguay's bonded debt . The major European members of the G - 7 are no more consistent . They argue that financial contributions from private creditors should always ...
... Argentina and linked Uruguay's rescue loan to a restructuring of Uruguay's bonded debt . The major European members of the G - 7 are no more consistent . They argue that financial contributions from private creditors should always ...
˹éÒ 9
... Argentina's default . In reality , bailouts have not gone away . Turkey , Uruguay , and Brazil all have obtained very large rescue packages after Argentina's default . More- over , Argentina went through a large " bailout " -nearly $ 15 ...
... Argentina's default . In reality , bailouts have not gone away . Turkey , Uruguay , and Brazil all have obtained very large rescue packages after Argentina's default . More- over , Argentina went through a large " bailout " -nearly $ 15 ...
˹éÒ 11
... Argentina were international bonds a major source of financial distress , but even there , a domestic bank run put more pressure on reserves . 13. Data are from the World Bank's Global Development Finance ( 2003 ) . Bond data include ...
... Argentina were international bonds a major source of financial distress , but even there , a domestic bank run put more pressure on reserves . 13. Data are from the World Bank's Global Development Finance ( 2003 ) . Bond data include ...
˹éÒ 14
... Argentina to make the discussion more concrete . The classic meaning of " the debt of Ar- gentina " is the external debt of Argentina's banks , firms , and government . External means debt sold to foreigners - nonresidents , in neutral ...
... Argentina to make the discussion more concrete . The classic meaning of " the debt of Ar- gentina " is the external debt of Argentina's banks , firms , and government . External means debt sold to foreigners - nonresidents , in neutral ...
˹éÒ 15
... Argentina " is the domestic and external debt of the government of Argentina . A statement like " Argentina has too much debt " can , depending on the context , mean that Argen- tines - private banks and firms as well as the government ...
... Argentina " is the domestic and external debt of the government of Argentina . A statement like " Argentina has too much debt " can , depending on the context , mean that Argen- tines - private banks and firms as well as the government ...
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adjustment Argentina assets avoid bail-in bailout bank run banking system bankruptcy regime bilateral billion bond's bondholders borrowing Brady bonds Brazil capital claims collective action clauses commitment country's crisis country crisis resolution cross-border current account deficit debt restructuring debtor default depositors dollar domestic banks domestic debt Ecuador emerging economies emerging markets emerging-market exchange rate exposure external creditors external debt firms fiscal foreign currency foreign-currency Fred Bergsten Global guarantee holdouts IMF lending IMF loan IMF program IMF's incentives Indonesia interbank interest rates international bonds International Monetary Fund investors ISBN Korea lender of last liquidity litigation long-term maturing ment Mexico models moral hazard official financing official sector options Paris Club payments precrisis priority private creditors problems proposal reduce repay reserves restruc restructuring process restructuring terms risk rollover Russia SDRM short-term debt sovereign bonds sovereign debt sovereign debt restructuring standstill triggering Turkey Uruguay York-law
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˹éÒ 1 - The G-7 countries are the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada.
˹éÒ 190 - No one category of private creditors should be regarded as inherently privileged relative to others in a similar position. When both are material, claims of bondholders should not be viewed as