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How to Strengthen the International Financial System by Restructuring Sovereign Balance Sheets

  • Ross P. Buckley

    (Tim Fischer Centre for Global Trade & Finance, Faculty of Law, Bond University)

  • Peter Dirou

    (Treasury Advisor, Ministry of Finance)

Registered author(s):

    The inability of developing nations to borrow in their own currency leads to currency mismatches on their national balance sheets. These mismatches render these economies vulnerable to external shocks and are a major source of damaging volatility for the entire international financial system. This article argues why these mismatches need to be remedied, and how the multilateral development banks and the Paris Club can take the lead in doing so.

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    Article provided by Society for AEF in its journal Annals of Economics and Finance.

    Volume (Year): 7 (2006)
    Issue (Month): 2 (November)
    Pages: 257-269

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    Handle: RePEc:cuf:journl:y:2006:v:7:i:2:p:257-269
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    1. Pettis, Michael, 2001. "The Volatility Machine: Emerging Economies and the Threat of Financial Collapse," OUP Catalogue, Oxford University Press, number 9780195143300.
    2. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373.
    3. Blair Comley & David Turvey, 2005. "Debt Management in a Low Debt Environment: The Australian Government's Debt Management Framework," Treasury Working Papers 2005-02, The Treasury, Australian Government, revised Feb 2005.
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