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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... Claims 174 Conclusions 178 5 Official Policy Toward Crisis Resolution 181 Reaction to Mexico's Bailout 183 Reform of the International Financial Architecture 186 The Debate Fractures 191 A New Administration , a New Policy ? Conclusions ...
... Claims 174 Conclusions 178 5 Official Policy Toward Crisis Resolution 181 Reaction to Mexico's Bailout 183 Reform of the International Financial Architecture 186 The Debate Fractures 191 A New Administration , a New Policy ? Conclusions ...
˹éÒ 2
... claims . The debts coming due can be the obligations of the crisis country's government - for example , a maturing international sovereign bond . They also can be cross - border loans to private borrowers - most often banks — in the ...
... claims . The debts coming due can be the obligations of the crisis country's government - for example , a maturing international sovereign bond . They also can be cross - border loans to private borrowers - most often banks — in the ...
˹éÒ 3
... claims coming due soon after the country gets the rescue loan . Former US Treasury Secretary Paul O'Neill often specu- lated about the wisdom of spending the tax dollars of American " plumbers and carpenters " to bail out creditors who ...
... claims coming due soon after the country gets the rescue loan . Former US Treasury Secretary Paul O'Neill often specu- lated about the wisdom of spending the tax dollars of American " plumbers and carpenters " to bail out creditors who ...
˹éÒ 11
... claims on nine major emerging economies ; bonds held abroad accounted for $ 345 billion . At the end of 2001 , total exposure had fallen to $ 809 billion , bank claims to $ 477 billion , and the stock of outstanding bonds to $ 331 ...
... claims on nine major emerging economies ; bonds held abroad accounted for $ 345 billion . At the end of 2001 , total exposure had fallen to $ 809 billion , bank claims to $ 477 billion , and the stock of outstanding bonds to $ 331 ...
˹éÒ 13
... claims in a crisis put pressure on the bonds ' market price , not on the country's reserves . Hold- ers of short - term debt , in contrast , have a contractual right to exchange their claims for the country's scarce cash the day their ...
... claims in a crisis put pressure on the bonds ' market price , not on the country's reserves . Hold- ers of short - term debt , in contrast , have a contractual right to exchange their claims for the country's scarce cash the day their ...
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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