Towards a sovereign bankruptcy procedure and greater restraint in IMF crisis lending. An interim assessmen
AbstractThe paper reviews the area of the international financial architecture relating tosovereign crisis resolution. It is argued that shifting part of the burden of crisisresolution onto creditors may encourage debtor countries to take early action to counter an unsustainable debt path. Collective action clauses, the sovereign debt restructuring mechanism, and ceilings on IMF loans, are all necessary components of a new and better crisis resolution framework.
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Bibliographic InfoArticle provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.
Volume (Year): 56 (2003)
Issue (Month): 225 ()
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Web page: http://www.economiacivile.it
Find related papers by JEL classification:
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
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