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Timing of International Bailouts

Timing of International Bailouts »

Source: Timing of International Bailouts

Volume/Issue: 2004/9

Series: IMF Working Papers

Author(s): Se-Jik Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2004

ISBN: 9781451842623

Keywords: International lender of last resort, crisis contagion, information asymmetry, crisis prevention, contagion, international crisis, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

This 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 facil...

Sovereign Insurance and Program Design

Sovereign Insurance and Program Design »

Source: Sovereign Insurance and Program Design : What is Optimal for the Sovereign?

Volume/Issue: 2006/64

Series: IMF Working Papers

Author(s): Miguel Messmacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863246

Keywords: International Financial Architecture, deposit insurance, financial system, international finance, International Economic Order, International Monetary Arrangements and Institutions, International Lending and Debt Problems, International Policy Coordination and Transmission,

The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign...

Public Debt Targeting An Application to the Caribbean

Public Debt Targeting An Application to the Caribbean »

Source: Public Debt Targeting An Application to the Caribbean

Volume/Issue: 2011/203

Series: IMF Working Papers

Author(s): Alejandro Guerson , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

ISBN: 9781463902148

Keywords: Procyclical spending, public debt sustainability, public debt, primary expenditure, debt accumulation, debt sustainability, International Lending and Debt Problems, International Finance Forecasting and Simulation, National Budget, Deficit

This paper proposes a fiscal policy framework we call Public Debt Targeting. The framework seeks to smooth primary spending over the business cycle while remaining consistent with public debt sustainability. Under...

Recognizing the Bias

Recognizing the Bias »

Source: Recognizing the Bias : Financial Cycles and Fiscal Policy

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Crises and Liquidity

Crises and Liquidity »

Source: Crises and Liquidity : Evidence and Interpretation

Volume/Issue: 2001/2

Series: IMF Working Papers

Author(s): Enrica Detragiache , and Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2001

ISBN: 9781451841763

Keywords: Debt crises, creditor runs, short-term debt, debt service, probability, external debt, liquidity variables, International Lending and Debt Problems,

In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the propo...

Debt Maturity and the International Financial Architecture

Debt Maturity and the International Financial Architecture »

Source: Debt Maturity and the International Financial Architecture

Volume/Issue: 2004/137

Series: IMF Working Papers

Author(s): Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451855944

Keywords: debt contract, international financial architecture, debt contracts, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Short-term Debt, Collective Action Clause, International Bankruptcy Court,

This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture. It presents a general equilibrium model in which...

The IMF in a World of Private Capital Markets

The IMF in a World of Private Capital Markets »

Source: The IMF in a World of Private Capital Markets

Volume/Issue: 2005/84

Series: IMF Working Papers

Author(s): Ashoka Mody , Barry Eichengreen , and Kenneth Kletzer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

ISBN: 9781451861037

Keywords: signaling, bond, bonds, equation, probability, bond markets, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the...

Institutions, Program Implementation, and Macroeconomic Performance

Institutions, Program Implementation, and Macroeconomic Performance »

Source: Institutions, Program Implementation, and Macroeconomic Performance

Volume/Issue: 2004/184

Series: IMF Working Papers

Author(s): Saleh Nsouli , Ruben Atoyan , and Alex Mourmouras

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451859393

Keywords: Institutions, IMF-supported programs, macroeconomic performance, inflation, statistics, equation, correlation, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

This paper assesses empirically the links among a country's institutions and political environment, its implementation of IMF-supported programs, and macroeconomic performance in a sample of 197 programs approved b...

The IMF's Role in Low-Income Countries

The IMF's Role in Low-Income Countries »

Source: The IMF's Role in Low-Income Countries : Issues and Challenges

Volume/Issue: 2005/177

Series: IMF Working Papers

Author(s): Domenico Lombardi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781451861969

Keywords: monetary fund, conditionality, concessional lending, structural conditionality, monetary approach, International Lending and Debt Problems, Economic Development: General,

Drawing on recent research, this study elaborates on the role of the IMF in support of its lowincome members, pointing to the global character of the institution and to its superior ability-given its multilateral n...

The Problem that Wasn't

The Problem that Wasn't »

Source: The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings

Volume/Issue: 2011/265

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , Marcos Chamon , and Ran Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

ISBN: 9781463924645

Keywords: exit consents, creditor coordination, bond, bonds, debt restructuring, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Macroeconomic Aspects of International Trade and Finance: Other, International Law,

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpr...