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International bailouts, moral hazard and conditionality

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Author Info
Olivier Jeanne
Jeromin Zettelmeyer

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Abstract

The large international bailouts of the 1990s have been criticized for generating moral hazard at the expense of the global taxpayer. We argue that this criticism is misleading because international bailouts create no, or very few, costs to the international community. Instead, the problem is to ensure that bailouts are not used to facilitate bad domestic policies, thus creating moral hazard at the expense of domestic taxpayers. This may require a shift towards ex ante conditionality, in the sense that the availability and size of official crisis lending need to be conditional on government policies before the crisis. Copyright CEPR, CES, MSH, 2001.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-0327.t01-1-00080
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Publisher Info
Article provided by CEPR, CES, MSH in its journal Economic Policy.

Volume (Year): 16 (2001)
Issue (Month): 33 (October)
Pages: 407-432
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Handle: RePEc:bla:ecpoli:v:16:y:2001:i:33:p:407-432

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  1. Andrew G Haldane & J"rg Scheibe, . "IMF lending and creditor moral hazard," Bank of England working papers 216, Bank of England. [Downloadable!]
  2. Jun Il Kim, 2007. "Unconditional IMF Financial Support and Investor Moral Hazard," IMF Working Papers 07/104, International Monetary Fund. [Downloadable!]
  3. Jong-Wha Lee & Kwanho Shin, 2005. "IMF Bailouts and Moral Hazard," International Finance 0501005, EconWPA. [Downloadable!]
    Other versions:
  4. Steven B. Kamin, 2002. "Identifying the role of moral hazard in international financial markets," International Finance Discussion Papers 736, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  5. Olivier Jeanne & Jonathan David Ostry & Jeromin Zettelmeyer, 2008. "A Theory of International Crisis Lending and IMF Conditionality," IMF Working Papers 08/236, International Monetary Fund. [Downloadable!]
    Other versions:
  6. David Benjamin & Mark L. J. Wright, 2009. "Recovery Before Redemption: A Theory Of Delays In Sovereign Debt Renegotiations," CAMA Working Papers 2009-15, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  7. Patrick Bolton, 2003. "Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World," IMF Working Papers 03/13, International Monetary Fund. [Downloadable!]
  8. Tito Cordella & Eduardo Levy Yeyati, 2004. "Country Insurance," Econometric Society 2004 North American Summer Meetings 290, Econometric Society. [Downloadable!]
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  9. Olivier Jeanne, 2001. "The International Lender of Last Resort: How Large is Large Enought?," IMF Working Papers 01/76, International Monetary Fund. [Downloadable!]
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  10. Tito Cordella & Eduardo Levy Yeyati, 2005. "Country Insurance," IMF Staff Papers, Palgrave Macmillan Journals, vol. 52(si), pages 6. [Downloadable!] (restricted)
  11. Adrian Penalver, . "How can the IMF catalyse private capital flows? A model," Bank of England working papers 215, Bank of England. [Downloadable!]
  12. Charles Wyplosz, 2002. "Fiscal Policy: Institutions vs. Rules," HEI Working Papers 03-2002, Economics Section, The Graduate Institute of International Studies. [Downloadable!]
  13. Canale, Rosaria Rita, 2006. "Positive effects of fiscal expansions on growth and debt," MPRA Paper 1432, University Library of Munich, Germany, revised Nov 2006. [Downloadable!]
  14. Aaron Tornell, 2002. "The Credit Channel in Middle Income Countries (October 2002), with Frank Westermann," UCLA Economics Online Papers 216, UCLA Department of Economics. [Downloadable!]
  15. Peter B. Clark & Haizhou Huang, 2001. "International Financial Contagion and the Fund: A Theoretical Framework," IMF Working Papers 01/137, International Monetary Fund. [Downloadable!]
  16. Gregor Irwin & David Vines, . "The efficient resolution of capital account crises: how to avoid moral hazard," Bank of England working papers 233, Bank of England. [Downloadable!]
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  17. Aaron Tornell, 2003. "Credit Market Imperfections in Middle Income Countries (January 2003)," UCLA Economics Online Papers 244, UCLA Department of Economics. [Downloadable!]
  18. Eduardo Levy Yeyati, 2004. "Dollars, Debt and the IFIs: Dedollarizing Multilateral Lending," Business School Working Papers dedollmultlending, Universidad Torcuato Di Tella. [Downloadable!]
  19. Giancarlo Corsetti & Bernardo Guimaraes & Nouriel Roubini, 2003. "International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance," NBER Working Papers 10125, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  20. Drazen, Allan, 2002. "Conditionality and Ownership in IMF Lending: A Political Economy Approach," CEPR Discussion Papers 3562, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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