Bailouts Or Bail-ins?: Responding to Financial Crises in Emerging EconomiesInstitute for International Economics, 2004 - 427 pagine 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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... relative to its quota than to its GDP . Reforming IMF quotas to better reflect the current relative size , im- portance , and potential borrowing needs of different countries is extremely contentious . Quota size is related to voting ...
... relative stand- ing of various claims on a sovereign government is often ambiguous . The priority that the sovereign opts to grant different types of debt may not match creditors ' prior expectations . 1. In some countries , certain ...
... relative . Absolute priority means that claims at the top get paid in full , those in the middle get paid in part , and those at the bottom get nothing . Relative priority assures only those at the top of the priority structure better ...
Sommario
Introduction | 1 |
Appendix A Tables 379 | 8 |
New Nature of EmergingMarket Crises | 25 |
Copyright | |
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Bailouts Or Bail-Ins?: Responding to Financial Crises in Emerging Economies Nouriel Roubini,Brad Setser Anteprima limitata - 2004 |
Bailouts Or Bail-ins?: Responding to Financial Crises in Emerging Economies Nouriel Roubini,Brad Setser Visualizzazione estratti - 2004 |