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Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?

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  • Michael D. Bordo
  • Anna J. Schwartz

Abstract

Recent events in Asia and other parts of the globe have prompted calls from many quarters for international rescue of the monetary or fiscal authorities of distressed countries. We contrast the experience before 1973 of rescues of monetary authorities of advanced countries temporarily short of liquidity with recent experience of bailouts. International rescues in the past involved relatively small amounts of money, sufficient to stave off devaluation or abandonment of a fixed exchange rate, while remedial policies were put in place. Recent bailouts involve handing over relatively large amounts to both foreign lenders and domestic investors after devaluation of a pegged exchange rate to avoid their incurring wealth losses. We document past rescues, whether successful or unsuccessful, by monetary regimes different today from past experience.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6824.

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Date of creation: Dec 1998
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Publication status: published as Bordo, Michael D. and Anna J. Schwartz. "Under What Circumstances, Past And Present, Have International Rescues Of Countries In Financial Distress Been Successful?," Journal of International Money and Finance, 1999, v18(4,Aug), 683-708.
Handle: RePEc:nbr:nberwo:6824

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  1. Allan H. Meltzer, 1991. "U.S. policy in the Bretton Woods era," Review, Federal Reserve Bank of St. Louis, issue May, pages 54-83.
  2. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," NBER Working Papers 5191, National Bureau of Economic Research, Inc.
  3. Bordo, Michael D. & Choudhri, Ehsan U. & Schwartz, Anna J., 2002. "Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint," Explorations in Economic History, Elsevier, vol. 39(1), pages 1-28, January.
  4. Schwartz, Anna J, 1989. "International Debts: What's Fact and What's Fiction," Economic Inquiry, Western Economic Association International, vol. 27(1), pages 1-19, January.
  5. Michael D. Bordo, 1992. "The Bretton Woods International Monetary System: An Historical Overview," NBER Working Papers 4033, National Bureau of Economic Research, Inc.
  6. Anna J. Schwartz, 1996. "From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund," NBER Working Papers 5699, National Bureau of Economic Research, Inc.
  7. Larry Neal, 1998. "The financial crisis of 1825 and the restructuring of the British financial system," Review, Federal Reserve Bank of St. Louis, issue May, pages 53-76.
  8. Obstfeld, Maurice & Taylor, Alan M, 1997. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," CEPR Discussion Papers 1633, C.E.P.R. Discussion Papers.
  9. Sebastian Edwards, 1998. "Capital Inflows into Latin America: A Stop-Go Story?," NBER Working Papers 6441, National Bureau of Economic Research, Inc.
  10. Michael D. Bordo & Barry Eichengreen & Jongwoo Kim, 1998. "Was There Really an Earlier Period of International Financial Integration Comparable to Today?," NBER Working Papers 6738, National Bureau of Economic Research, Inc.
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