LEADER 00913nam--2200301---450 001 990003520670203316 005 20220601120953.0 035 $a000352067 035 $aUSA01000352067 035 $a(ALEPH)000352067USA01 035 $a000352067 100 $a20110411d1938----km-y0itay50------ba 101 $afre 102 $aFR 105 $a||||||||001yy 200 1 $aPoèmes choisis$fG.K. Chesterton$gintroduction et traduction de Madame E.M. Denis-Graterolle 210 $aParis ; Bruxelles$cCahiers des Poètes catholiques$d1938 215 $a78 p.$d19 cm 700 1$aCHESTERTON,$bG. K.$0545406 801 0$aIT$bsalbc$gISBD 912 $a990003520670203316 951 $aXV.4.A. 2184$b191883 L.M.$cXV.4.A.$d00184652 959 $aBK 969 $aFF 979 $aMARIAS$b90$c20110411$lUSA01$h1531 979 $aPASSARO$b90$c20120207$lUSA01$h1415 996 $aPoèmes choisis$91114791 997 $aUNISA LEADER 00773nam 2200253la 450 001 9910481156503321 005 20210618143008.0 035 $a(UK-CbPIL)2090348191 035 $a(CKB)5500000000084780 035 $a(EXLCZ)995500000000084780 100 $a20210618d1691 uy | 101 0 $alat 135 $aurcn||||a|bb| 200 10$aThesaurus ...morum Sveo-gothicorum Vetustus$b[electronic resource] 210 $aSweden $c[s.n.]$d1691 215 $aOnline resource (1 v.) 300 $aReproduction of original in Biblioteca Nazionale Centrale di Firenze. 700 $aAnon$0815482 801 0$bUk-CbPIL 801 1$bUk-CbPIL 906 $aBOOK 912 $a9910481156503321 996 $aThesaurus ...morum Sveo-gothicorum Vetustus$92003916 997 $aUNINA LEADER 04756oam 22011654 450 001 9910972472603321 005 20250426110109.0 010 $a9786613823762 010 $a9781462310463 010 $a146231046X 010 $a9781451987348 010 $a145198734X 010 $a9781283511315 010 $a1283511312 010 $a9781451908626 010 $a1451908628 035 $a(CKB)3360000000443371 035 $a(EBL)3014496 035 $a(SSID)ssj0000939951 035 $a(PQKBManifestationID)11528459 035 $a(PQKBTitleCode)TC0000939951 035 $a(PQKBWorkID)10948451 035 $a(PQKB)10879901 035 $a(OCoLC)694141180 035 $a(IMF)WPIEE2006066 035 $a(MiAaPQ)EBC3014496 035 $a(IMF)WPIEA2006066 035 $aWPIEA2006066 035 $a(EXLCZ)993360000000443371 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aToward a Lender of First Resort /$fDaniel Cohen, Richard Portes 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 300 $a"March 2006." 311 08$a9781451863260 311 08$a1451863268 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. INTRODUCTION""; ""II. THE FINANCIAL CRISES OF THE 1990's WERE DIFFERENT FROM THOSE OF THE 1980's""; ""III. DEBT CRISES OF THE 1990's: A TAXONOMY""; ""IV. CONFIDENCE CRISIS AND CRISIS OF THE FUNDAMENTALS: A THEORETICAL BENCHMARK""; ""V. OUR POLICY IMPLICATIONS: COLLECTIVE ACTION CLAUSES AND A LENDER OF FIRST RESORT""; ""REFERENCES"" 330 3 $aIf interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad" equilibrium. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that breaks down the origin of crises into three components: confidence (spreads and currency crisis), fundamentals (real growth rate), and economic policy (primary deficit). Theory then suggests a set of circumstances in which a lender of first resort would be desirable. The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives. Theory also illuminates the potential role of collective action clauses in reducing the risk of self-fulfilling debt crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/066 606 $aCapital movements 606 $aDebts, External 606 $aDebts, Public 606 $aFinancial crises 606 $aDebt burden$2imf 606 $aDebt default$2imf 606 $aDebt Management$2imf 606 $aDebt sustainability analysis$2imf 606 $aDebt$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aExports and Imports$2imf 606 $aFinancial Crises$2imf 606 $aFinancial crises$2imf 606 $aFinancial Risk Management$2imf 606 $aInternational economics$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 607 $aArgentina$2imf 615 0$aCapital movements. 615 0$aDebts, External. 615 0$aDebts, Public. 615 0$aFinancial crises. 615 7$aDebt burden 615 7$aDebt default 615 7$aDebt Management 615 7$aDebt sustainability analysis 615 7$aDebt 615 7$aDebts, External 615 7$aDebts, Public 615 7$aEconomic & financial crises & disasters 615 7$aExports and Imports 615 7$aFinancial Crises 615 7$aFinancial crises 615 7$aFinancial Risk Management 615 7$aInternational economics 615 7$aInternational Lending and Debt Problems 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 700 $aCohen$b Daniel$0120391 701 $aPortes$b Richard$0122471 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910972472603321 996 $aToward a Lender of First Resort$94371775 997 $aUNINA