Bailouts or bail-ins? : responding to financial crises in emerging economies / / Nouriel Roubini and Brad Setser

• Autore: Roubini Nouriel
• Pubblicazione: Washington, DC, : Institute for International Economics, 2004
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (442 p.)
• Disciplina: 338.5/43
• Soggetto topico: Loans, Foreign - Developing countries; Financial crises - Developing countries; International finance; Debt - Developing countries
• Altri autori: SetserBrad
• Note generali: "A Council on Foreign Relations book."
• Nota di bibliografia: Includes bibliographical references (p. 391-405) and index.
• Nota di contenuto: Cover -- Contents -- Preface -- Acknowledgments -- Chapter 1 Introduction -- Why Crisis Resolution? -- Purging Unhelpful Myths -- Closing the Gap Between Rhetoric and Reality -- Agenda for Reform -- Structure of the Book -- Chapter 2 New Nature of Emerging-Market Crises -- Sources of Vulnerability in Emerging-Market Crises -- Interpreting Recent Crises -- Conclusions -- Chapter 3 Analytical Literature on Crisis Resolution -- Four Approaches to Crisis Resolution -- Crisis Resolution in IMF's Absence -- IMF, Crises of Creditor Coordination, and Moral Hazard -- Do Partial Bailouts Ever Work? -- Policy Implications and Suggestions for Further Research -- Chapter 4 Experience with Bailouts and Bail-ins -- Experience with Official Financing -- Experience with Bail-in Policies: Rollover Arrangements and Debt Exchanges -- Lessons for the Official Sector -- Lessons from Bond Restructurings -- Lessons from Restructuring of Bank Claims -- Conclusions -- Chapter 5 Official Policy Toward Crisis Resolution -- Reaction to Mexico's Bailout -- Reform of the International Financial Architecture -- The Debate Fractures -- A New Administration, a New Policy? -- Conclusions -- Chapter 6 Responding to Liquidity Shortages -- When Is Official Liquidity Support Warranted? -- Are Targeted Debt Reschedulings Inequitable? -- Risks of Gradual Escalation -- Case for Pragmatism -- Private-Sector Financial Difficulties -- Alternative Approaches to Liquidity Crises -- What Is the Right Policy? -- Chapter 7 Seniority of Sovereign Debts -- Relative Treatment of Different Sovereign Claims -- Domestic Versus External Debt -- Arguments in Favor of a Formal Debt Seniority Regime -- Conclusion -- Chapter 8 Legal Reform -- Potential Obstacles to Sovereign Debt Restructuring -- Approaches to Legal Reform -- Codes and Committees -- Assessing Reform Proposals -- Conclusion. ; Chapter 9 Recommendations for Reform -- "Hardware" Largely in Place -- Problems with Crisis Resolution "Software" -- Moving from Problems to Solutions -- Conclusion -- Appendix A Tables -- References -- Glossary -- Index.
• Sommario/riassunto: The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and deep reduction of protection by at least the middle-income developing countries, albeit on a more gradual schedule; and second, immediate free entry for imports from high risk low-income countries (heavily indebted poor countries, least developed countries, and sub-Saharan Africa), coupled with a 10-year tax holiday for direct investment in these countries.
• Titolo autorizzato: Bailouts or bail-ins
• ISBN: 1-281-39714-8; 9786611397142; 0-88132-460-4; 1-4356-5535-4
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910956810603321
• Lo trovi qui: Univ. Federico II