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Moral Hazard and International Crisis Lending: A Test

Moral Hazard and International Crisis Lending: A Test »

Source: Moral Hazard and International Crisis Lending : A Test

Volume/Issue: 2002/181

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Jeronimo Zettelmeyer , and Isabel Schnabel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2002

ISBN: 9781451859201

Keywords: international lending, bond, crisis lending, bond spreads, bonds, International Lending and Debt Problems, Econometric Methods: - Single Equation Models,

We test for the existence of a moral hazard effect attributable to official crisis lending by analyzing the evolution of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailou...

Credit Rationing in Emerging Economies' Access to Global Capital Markets

Credit Rationing in Emerging Economies' Access to Global Capital Markets »

Source: Credit Rationing in Emerging Economies' Access to Global Capital Markets

Volume/Issue: 2004/70

Series: IMF Working Papers

Author(s): Edda Zoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

ISBN: 9781451849189

Keywords: international lending, statistic, statistics, financial statistics, international financial statistics, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

This paper tests empirically the theoretical prediction that the country premium paid by emerging economies on sovereign debt increases with the amount of debt up to a certain critical level, above which the supply...

Sovereign Bond Restructuring

Sovereign Bond Restructuring »

Source: Sovereign Bond Restructuring : Collective Action Clauses and official Crisis Intervention

Volume/Issue: 2003/134

Series: IMF Working Papers

Author(s): Kenneth Kletzer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2003

ISBN: 9781451855623

Keywords: international financial architecture, bond, bondholders, bonds, debt renegotiation, International Lending and Debt Problems, International Economic Order,

This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sove...

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...

Strengthening IMF Crisis Prevention

Strengthening IMF Crisis Prevention »

Source: Strengthening IMF Crisis Prevention

Volume/Issue: 2005/206

Series: IMF Working Papers

Author(s): Jonathan Ostry , and Jeronimo Zettelmeyer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2005

ISBN: 9781451862256

Keywords: IMF surveillance, capital markets, crisis lending, financial crises, capital inflows, International Economic Order, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

To better fulfill its crisis-prevention mandate, IMF surveillance needs to provide stronger incentives for countries to follow good policies and for markets to avoid boom-bust cycles in capital flows. To this end,...

Catalyzing Capital Flows

Catalyzing Capital Flows »

Source: Catalyzing Capital Flows : Do IMF-Supported Programs Work As Commitment Devices?

Volume/Issue: 2003/100

Series: IMF Working Papers

Author(s): Diego Saravia , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2003

ISBN: 9781451852424

Keywords: signaling, bond, bond issuance, bonds, capital flows, international capital, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue whether IMF-supported programs influence the ability of develop...

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...

International Capital Crunches

International Capital Crunches »

Source: International Capital Crunches : The Time-Varying Role of Informational Asymmetries

Volume/Issue: 2002/43

Series: IMF Working Papers

Author(s): Ashoka Mody , and Mark Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

ISBN: 9781451846331

Keywords: disequilibrium, rationing, asymmetric information, international capital, international capital flows, capital crunch, stock market, International Lending and Debt Problems, Rationining,

We examine the determinants of capital flows to four developing countries during the 1990s using an explicitly disequilibrium econometric framework in which the supply and demand for capital are not necessarily equ...

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...

Sovereign Debt Restructurings in Belize

Sovereign Debt Restructurings in Belize »

Source: Sovereign Debt Restructurings in Belize : Achievements and Challenges Ahead

Volume/Issue: 2014/132

Series: IMF Working Papers

Author(s): Tamon Asonuma , Gerardo Peraza , Kristine Vitola , and Takahiro Tsuda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2014

ISBN: 9781498369510

Keywords: Inter-Creditor Equity, debt exchange, sovereign debt, public debt, International Lending and Debt Problems,

This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006-07 and in 2012-13 that occurred outside of an IMF-supported program. It finds that the motivation for...