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010   $a9786613775917
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035   $a(EBL)3012568
035   $a(SSID)ssj0000948674
035   $a(PQKBManifestationID)11541741
035   $a(PQKBTitleCode)TC0000948674
035   $a(PQKBWorkID)10951877
035   $a(PQKB)11180943
035   $a(OCoLC)535146986
035   $a(MiAaPQ)EBC3012568
035   $a(IMF)WPIEE0092004
035   $a(EXLCZ)993360000000440961
100   $a20020129d2004      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aTiming of International Bailouts /$fSe-Jik Kim
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2004.
215   $a1 online resource (42 p.)
225 1 $aIMF Working Papers
300   $aCover title.
300   $a"January 2004"--Caption.
311   $a1-4518-4262-7 
320   $aIncludes bibliographical references (p. 39-41).
327   $a""Contents""; ""I. INTRODUCTION""; ""II. PROPOSAL FOR A NEW CRISIS-PREVENTION FACILITY""; ""III. THE BASIC MODEL""; ""IV. LAISSEZ-FAIRE""; ""V. EXISTING CRISIS-LENDING FACILITIES""; ""VI. TIMING-BASED CRISIS-LENDING FACILITY""; ""VII. EXTENSIONS AND DISCUSSIONS""; ""VIII. CONCLUSION""; ""APPENDIX I""; ""APPENDIX II""; ""REFERENCES""
330 3 $aThis paper proposes that international rescue financing should not be provided to a country where a crisis first occurs, but rather to any country that suffers a subsequent crisis. Such a timing-based lending facility can be Pareto-superior to both laissez-faire and existing international crisis lending facilities, when domestic governments have more information on their own economies than does the international lender of last resort. The new facility mitigates moral hazard owing to information asymmetry by not rescuing the first-hit country. At the same time, it limits crisis contagion by rescuing countries in subsequent crises. Even in the presence of common shocks, the timing-based facility can reduce global risks of crisis because it induces countries to undertake greater crisis-prevention efforts so as not to become the first country hit.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2004/009
606   $aEconomic assistance
606   $aFinancial crises
606   $aMoral hazard
606   $aFinance: General$2imf
606   $aFinancial Risk Management$2imf
606   $aProduction and Operations Management$2imf
606   $aInternational Monetary Arrangements and Institutions$2imf
606   $aInternational Lending and Debt Problems$2imf
606   $aFinancial Institutions and Services: Government Policy and Regulation$2imf
606   $aGeneral Financial Markets: Government Policy and Regulation$2imf
606   $aFinancial Crises$2imf
606   $aMacroeconomics: Production$2imf
606   $aEconomic & financial crises & disasters$2imf
606   $aFinance$2imf
606   $aMacroeconomics$2imf
606   $aCrisis prevention$2imf
606   $aMoral hazard$2imf
606   $aFinancial crises$2imf
606   $aProductivity$2imf
606   $aLender of last resort$2imf
606   $aFinancial sector policy and analysis$2imf
606   $aProduction$2imf
606   $aCrisis management$2imf
606   $aFinancial risk management$2imf
606   $aIndustrial productivity$2imf
606   $aBanks and banking, Central$2imf
607   $aArgentina$2imf
615  0$aEconomic assistance.
615  0$aFinancial crises.
615  0$aMoral hazard.
615  7$aFinance: General
615  7$aFinancial Risk Management
615  7$aProduction and Operations Management
615  7$aInternational Monetary Arrangements and Institutions
615  7$aInternational Lending and Debt Problems
615  7$aFinancial Institutions and Services: Government Policy and Regulation
615  7$aGeneral Financial Markets: Government Policy and Regulation
615  7$aFinancial Crises
615  7$aMacroeconomics: Production
615  7$aEconomic & financial crises & disasters
615  7$aFinance
615  7$aMacroeconomics
615  7$aCrisis prevention
615  7$aMoral hazard
615  7$aFinancial crises
615  7$aProductivity
615  7$aLender of last resort
615  7$aFinancial sector policy and analysis
615  7$aProduction
615  7$aCrisis management
615  7$aFinancial risk management
615  7$aIndustrial productivity
615  7$aBanks and banking, Central
700   $aKim$b Se-Jik$01558659
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788518203321
996   $aTiming of International Bailouts$93844932
997   $aUNINA