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Toward a Lender of First Resort

Toward a Lender of First Resort »

Source: Toward a Lender of First Resort

Volume/Issue: 2006/66

Series: IMF Working Papers

Author(s): Daniel Cohen , and Richard Portes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863260

Keywords: market discipline, country spreads, financial crises, debt crises, debt crisis, debt dynamics, debt restructuring, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

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...

Toward a Lender of First Resort

Toward a Lender of First Resort »

Volume/Issue: 2006/66

Series: IMF Working Papers

Author(s): Daniel Cohen , and Richard Portes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

DOI: http://dx.doi.org/10.5089/9781451863260.001

ISBN: 9781451863260

Keywords: market discipline, country spreads, financial crises, debt crises, debt crisis, debt dynamics, debt restructuring, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

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...