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Verso una procedura fallimentare per il debito sovrano e maggiore disciplina nei finanziamenti del Fondo Monetario Internazionale. Una valutazione di mezza via

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  • Curzio Giannini

    ()
    (Banca d' Italia, Ufficio Relazioni Internazionali, Roma)

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    Abstract

    The paper reviews the area of the international financial architecture relating to sovereign crisis resolution. It is argued that shifting part of the burden of crisis resolution 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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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9808/9693
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    Bibliographic Info

    Article provided by Economia civile in its journal Moneta e Credito.

    Volume (Year): 56 (2003)
    Issue (Month): 222 ()
    Pages: 161-193

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    Handle: RePEc:psl:moneta:2003:22

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    Related research

    Keywords: Debt; IMF; Lending;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Marcus H. Miller & Lei Zhang, 1999. "Sovereign Liquidity Crisis: The Strategic Case for A Payments Standstill," Working Paper Series WP99-8, Peterson Institute for International Economics.
    2. Barry Eichengreen., 1990. "Historical Research on International Lending and Debt," Economics Working Papers 90-153, University of California at Berkeley.
    3. Xavier Freixas & Curzio Giannini & Glenn Hoggarth & Farouk Soussa, 2000. "Lender of Last Resort: What Have We Learned Since Bagehot?," Journal of Financial Services Research, Springer, vol. 18(1), pages 63-84, October.
    4. Neil Wallace, 1988. "Another attempt to explain an illiquid banking system: the Diamond and Dybvig model with sequential service taken seriously," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 3-16.
    5. Ales Bulir & Marianne Schulze-Gattas & Atish R. Ghosh & Alex Mourmouras & A. Javier Hamann & Timothy D. Lane, 2002. "IMF-Supported Programs in Capital Account Crises," IMF Occasional Papers 210, International Monetary Fund.
    6. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," NBER Working Papers 7265, National Bureau of Economic Research, Inc.
    7. Olivier Jeanne & Jeromin Zettelmeyer, 2001. "International Bailouts, Moral Hazard, and Conditionality," CESifo Working Paper Series 563, CESifo Group Munich.
    8. Andrei Shleifer, 2003. "Will the Sovereign Debt Market Survive?," NBER Working Papers 9493, National Bureau of Economic Research, Inc.
    9. Dooley, Michael P., 2000. "International financial architecture and strategic default: can financial crises be less painful?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 361-377, December.
    10. Curzio Giannini & Carlo Cottarelli, 2002. "Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending," IMF Working Papers 02/193, International Monetary Fund.
    11. Carlo A. Sdralevich & Biaggio Bossone, 2002. "The New Approach to Sovereign Debt Restructuring," IMF Policy Discussion Papers 02/4, International Monetary Fund.
    12. Andy Haldane & Mark Kruger, 2001. "The Resolution of International Financial Crises: Private Finance and Public Funds," Working Papers 01-20, Bank of Canada.
    13. Eichengreen, Barry & Portes, Richard, 1990. "The Interwar Debt Crisis and Its Aftermath," World Bank Research Observer, World Bank Group, vol. 5(1), pages 69-94, January.
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