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Commercial banks, default insurance and IMF reforms

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Author Info
Rockerbie, Duane W.
Easton, Stephen T.
Abstract

This paper discusses, in a very general way, a system of IMF insurance against sovereign default that could be offered to private lenders and banking groups. The system could overcome many of the current issues that plague the international private lending market, such as moral hazard on the part of private lenders, capital flight, and so on. How the insurance could be priced is also discussed in an appendix. Private lender membership in the IMF is also discussed. This would provide the IMF with some of the powers that central banks now have. --

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Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2009-39.

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Date of creation: 2009
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Handle: RePEc:zbw:ifwedp:200939

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Related research
Keywords: Sovereign debt; insurance; option value; IMF;

Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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This page was last updated on 2009-12-2.

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