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Autore: | Cohen Daniel |
Titolo: | Toward a Lender of First Resort / / Daniel Cohen, Richard Portes |
Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2006 |
Descrizione fisica: | 1 online resource (26 p.) |
Soggetto topico: | Capital movements |
Debts, External | |
Debts, Public | |
Financial crises | |
Exports and Imports | |
Financial Risk Management | |
Public Finance | |
International Lending and Debt Problems | |
Financial Crises | |
Debt | |
Debt Management | |
Sovereign Debt | |
International economics | |
Economic & financial crises & disasters | |
Public finance & taxation | |
Debt default | |
Public debt | |
Debt sustainability analysis | |
Debt burden | |
Soggetto geografico: | Argentina |
Altri autori: | PortesRichard |
Note generali: | "March 2006." |
Nota di bibliografia: | Includes bibliographical references. |
Nota di contenuto: | ""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"" |
Sommario/riassunto: | If 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. |
Titolo autorizzato: | Toward a Lender of First Resort |
ISBN: | 1-4623-1046-X |
1-4519-8734-X | |
1-283-51131-2 | |
9786613823762 | |
1-4519-0862-8 | |
Formato: | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910788413803321 |
Lo trovi qui: | Univ. Federico II |
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