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Caveat creditor

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  • Philip Turner

Abstract

One area where international monetary cooperation has failed is in the role of surplus or creditor countries in limiting or in correcting external imbalances. The stock dimensions of such imbalances - net external positions, leverage in national balance sheets, currency/maturity mismatches, the structure of ownership of assets and liabilities and over-reliance on debt - can threaten financial stability in creditor as in debtor countries. Creditor countries therefore have a responsibility both for avoiding "overlending" and for devising cooperative solutions to excessive or prolonged imbalances.

Suggested Citation

  • Philip Turner, 2013. "Caveat creditor," BIS Working Papers 419, Bank for International Settlements.
  • Handle: RePEc:bis:biswps:419
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    References listed on IDEAS

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    1. William A. Allen & Richhild Moessner, 2013. "The Liquidity Consequences of the Euro Area Sovereign Debt Crisis," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(1), pages 103-126, January.
    2. Carol Bertaut & Laurie Pounder DeMarco & Steve Kamin & Ralph Tryon, 2011. "ABS Inflows to the United States and the Global Financial Crisis," NBER Chapters,in: Global Financial Crisis National Bureau of Economic Research, Inc.
    3. N/A, 2011. "Reform of the International Monetary System," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(2), pages 185-193, May.
    4. Hans-Wener Sinn & Teresa Buchen & Timo Wollmershauser, 2011. "Trade Imbalances: Causes, Consequences, and Policy Measures," Book Chapters,in: Jack T. Boorman & André Icard (ed.), Reform of the International Monetary System: The Palais Royal Initiative, chapter 26, pages 321-342 Emerging Markets Forum.
    5. Catte, Pietro & Cova, Pietro & Pagano, Patrizio & Visco, Ignazio, 2011. "The role of macroeconomic policies in the global crisis," Journal of Policy Modeling, Elsevier, vol. 33(6), pages 787-803.
    6. Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters,in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402 National Bureau of Economic Research, Inc.
    7. Enrique G. Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, American Economic Association, vol. 100(5), pages 1941-1966, December.
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    More about this item

    Keywords

    International adjustment; symmetry in adjustment; external financing and risk exposures; financial crisis;

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