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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... major emerging economies have en- countered serious financial trouble . The International Monetary Fund ( IMF ) and the IMF's major shareholders often faced a sharp choice : Bar- ring a major rescue loan or an agreement - which was ...
... major emerging economies have en- countered serious financial trouble . The International Monetary Fund ( IMF ) and the IMF's major shareholders often faced a sharp choice : Bar- ring a major rescue loan or an agreement - which was ...
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... Major support for this study was provided by the GE Foundation . Major insti- tutional grants are now being received from the William M. Keck , Jr. Foundation and the Starr Foundation . A number of other foundations and private ...
... Major support for this study was provided by the GE Foundation . Major insti- tutional grants are now being received from the William M. Keck , Jr. Foundation and the Starr Foundation . A number of other foundations and private ...
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... major emerging economies like Mexico , Thailand , Indonesia , Korea , Russia , Brazil , Tur- key , and Argentina - as well as smaller economies like Ukraine , Pakistan , 1. The IMF , World Bank , regional development banks , G - 7 ...
... major emerging economies like Mexico , Thailand , Indonesia , Korea , Russia , Brazil , Tur- key , and Argentina - as well as smaller economies like Ukraine , Pakistan , 1. The IMF , World Bank , regional development banks , G - 7 ...
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... major 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 ...
... major 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 ...
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... major emerging - market economy - can go under without 2. Throughout the book , we use the terms " rescue loans " and " bailouts " as shorthand to refer to the IMF's financial support to crisis countries . Other terms sound too bland or ...
... major emerging - market economy - can go under without 2. Throughout the book , we use the terms " rescue loans " and " bailouts " as shorthand to refer to the IMF's financial support to crisis countries . Other terms sound too bland or ...
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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