International Financial Crises and the Multilateral Response: What the Historical Record Shows
AbstractWe review the modern history of financial crises, providing a context for analyses of the world’s recent bout of financial instability. Along with indicators of economic performance in the subject countries, we present a comprehensive description of multilateral rescue efforts spanning the last 30 years. We show that while emergency lending has grown, reliance on debt restructuring has declined. This leads us to ask what can be done to rebalance the management of debt problems toward a better mix of emergency lending and private sector burden sharing. Building on the literature on collective action clauses, we explore the idea of sovereign cocos, contingent debt securities that automatically reduce payment obligations in the event of debt-sustainability problems.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17361.
Date of creation: Aug 2011
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Publication status: published as International Financial Crises and the Multilateral Response: What the Historical Record Shows , Bergljot Barkbu, Barry Eichengreen, Ashoka Mody. in Global Financial Crisis , Engel, Forbes, and Frankel. 2012
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Other versions of this item:
- Bergljot Barkbu & Barry Eichengreen & Ashoka Mody, 2011. "International Financial Crises and the Multilateral Response: What the Historical Record Shows," NBER Chapters, in: Global Financial Crisis National Bureau of Economic Research, Inc.
- F0 - International Economics - - General
- F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-09-05 (All new papers)
- NEP-HIS-2011-09-05 (Business, Economic & Financial History)
- NEP-IFN-2011-09-05 (International Finance)
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