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Constrained Discretion and Collective Action Problems: Reflections on the Resolution of International Financial Crises

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Author Info
Arminio Fraga
Daniel L. Gleizer
Abstract

The purpose of the paper is to highlight some essential features of an approach to the resolution of international financial crises, based upon an assessment of what has been essential for restoring normal relations between debtors and creditors in recent crises. We focus on the nexus between the debtor and the private creditorsand on what they can do together to solve the collective action problems that bedevil the resolution of crises, recognizing that the official sector has a catalytic role to play. This contrasts with the emphasis on the relationship between the official sector and the debtor, and on the connection between the official sector and the private sector. The essence of a lasting solution is finding practical ways to enable debtors and creditors to conclude and implement explicit and implicit agreements relating to the amount and timing of credit flows and debt repayments.

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Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 34.

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Date of creation: Nov 2001
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Handle: RePEc:bcb:wpaper:34

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    Other versions:
  2. Summers, L-H & Cline, W-R & Eichengreen, B & Portes, R & Fraga, A & Goldstein, M, 1996. "From Halifax to Lyons : What Has Been Done About Crisis Management?," Princeton Studies in International Economics 200, International Economics Section, Departement of Economics Princeton University,.
    Other versions:
  3. Michael P. Dooley, 2000. "Can Output Losses Following International Financial Crises be Avoided?," NBER Working Papers 7531, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Other versions:
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    Other versions:
  7. Michael P Dooley & Carl E Walsh, 1999. "Academic Views of Capital Flows: An Expanding Universe," RBA Annual Conference Volume, in: David Gruen & Luke Gower (ed.), Capital Flows and the International Financial System Reserve Bank of Australia. [Downloadable!]
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    Other versions:
  9. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May. [Downloadable!] (restricted)
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  10. Baig, Taimur & Goldfajn, Ilan, 2002. "Monetary Policy in the Aftermath of Currency Crises: The Case of Asia," Review of International Economics, Blackwell Publishing, vol. 10(1), pages 92-112, February. [Downloadable!] (restricted)
    Other versions:
  11. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November. [Downloadable!] (restricted)
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  12. Miller, Merton, 1998. "Asian financial crisis," Japan and the World Economy, Elsevier, vol. 10(3), pages 355-358, July. [Downloadable!] (restricted)
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