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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... protection . In the IMF's initial proposal , legal protection would be conditional to an IMF assessment that the country has an unsustainable debt position . In the second iteration of the proposal , a majority of creditors would vote ...
... protection . However , relying on the IMF to determine whether a debtor deserves protection raises a host of problems . Many debtors are reluctant to expand the IMF's role in the restructuring process , while creditors argue that the ...
... protection from creditors immediately after default , should such protection prove necessary . First , the debtor has the option of putting a proposal for a tem- porary stay to a vote of its creditors . A supermajority of creditors then ...
เนื้อหา
Introduction | 1 |
Agenda for Reform | 7 |
Appendix A Tables 379 | 8 |
ลิขสิทธิ์ | |
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