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International Financial Crises and the Multilateral Response: What the Historical Record Shows

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  • Bergljot Barkbu
  • Barry Eichengreen
  • Ashoka Mody

Abstract

We 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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17361.

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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
Handle: RePEc:nbr:nberwo:17361

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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
  2. Reinhart, Carmen & Goldstein, Morris & Kaminsky, Graciela, 2000. "Assessing financial vulnerability, an early warning system for emerging markets: Introduction," MPRA Paper 13629, University Library of Munich, Germany.
  3. Robert H. Bates & Avner Greif & Margaret Levi & Jean-Laurent Rosenthal, 1998. "Analytic Narratives," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 6355.
  4. Barry Eichengreen & Poonam Gupta & Ashoka Mody, 2008. "Sudden Stops and IMF-Supported Programs," NBER Chapters, in: Financial Markets Volatility and Performance in Emerging Markets, pages 219-266 National Bureau of Economic Research, Inc.
  5. Christian Wolff & Theo Vermaelen & George Pennacchi, 2010. "Contingent Capital: The Case for COERCs," LSF Research Working Paper Series, Luxembourg School of Finance, University of Luxembourg 10-08, Luxembourg School of Finance, University of Luxembourg.
  6. Helge Berger & Volker Nitsch, 2010. "The Euro’s Effecton Trade Imbalances," IMF Working Papers 10/226, International Monetary Fund.
  7. Oya Celasun & Xavier Debrun & Jonathan David Ostry, 2006. "Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries," IMF Working Papers 06/67, International Monetary Fund.
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Cited by:
  1. Edwin M. Truman, 2013. "Asian and European Financial Crises Compared," Working Paper Series, Peterson Institute for International Economics WP13-9, Peterson Institute for International Economics.
  2. Martin Brooke & Rhys R. Mendes & Alex Pienkowski & Eric Santor, 2013. "Sovereign Default and State-Contingent Debt," Discussion Papers 13-3, Bank of Canada.
  3. Xavier De Scheemaekere & Kim Oosterlinck & Ariane Szafarz, 2012. "Addressing Economic Crises: The Reference-Class Problem," Working Papers CEB, ULB -- Universite Libre de Bruxelles 12-024, ULB -- Universite Libre de Bruxelles.

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