Un modèle de conditionnalité ex ante de l'intervention multilaterale
This paper presents a model of IMF ex ante conditional lending (i.e. the commitment to higher bailouts in exchange for more pre-crisis effort in the part of the debtor). There are two kinds of foreign investments : short term (speculative) investments, and long term investments. Both the bailout and long term investments are linked to a quotation system, which reflects pre-crisis effort. Short term investments result from debtor moral hazard. In this model, ex ante conditionality is more effective than ex post conditionality with regards to safeguarding the Fund's resources, and preventing future crisis, despite of some persistence of debtor moral hazard, due to the importance of short term capital markets stabilisation.
|Date of creation:||05 Jun 2003|
|Date of revision:|
|Publication status:||Published in 20èmes Journées Internationales d'Economie Monétaire et Bancaire, GDR Economie Monétaire et Financière, Jun 2003, Birmingham, United Kingdom|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00731610|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Haizhou Huang & Charles Goodhart, 1999.
"A Model of the Lender of Last Resort,"
FMG Discussion Papers
dp313, Financial Markets Group.
- Eichengreen, Barry & Ruehl, Christoph, 2000.
"The Bail-In Problem: Systematic Goals, Ad Hoc Means,"
CEPR Discussion Papers
2427, C.E.P.R. Discussion Papers.
- Eichengreen, Barry & Ruhl, Christof, 2001. "The bail-in problem: systematic goals, ad hoc means," Economic Systems, Elsevier, vol. 25(1), pages 3-32, March.
- Barry Eichengreen & Christof Ruehl, 2000. "The Bail-In Problem: Systematic Goals, Ad Hoc Means," NBER Working Papers 7653, National Bureau of Economic Research, Inc.
- Ariel Rubinstein, 2010.
"Perfect Equilibrium in a Bargaining Model,"
Levine's Working Paper Archive
661465000000000387, David K. Levine.
- Casella, Alessandra & Eichengreen, Barry, 1996.
"Can Foreign Aid Accelerate Stabilisation?,"
Royal Economic Society, vol. 106(436), pages 605-19, May.
- Alessandra Casella & Barry Eichengreen, 1994. "Can Foreign Aid Accelerate Stabilization?," NBER Working Papers 4694, National Bureau of Economic Research, Inc.
- Casella, Alessandra & Eichengreen, Barry, 1994. "Can Foreign Aid Accelerate Stabilization?," CEPR Discussion Papers 961, C.E.P.R. Discussion Papers.
- Kenneth Rogoff, 1999.
"International Institutions for Reducing Global Financial Instability,"
NBER Working Papers
7265, National Bureau of Economic Research, Inc.
- Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
- C. A. E. Goodhart & H. Huang, 2000. "A Simple Model of an International Lender of Last Resort," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 29(1), pages 1-11, 02.
- Haizhou Huang & C. A. E. Goodhart, 2000.
"A Simple Model of An International Lender of Last Resort,"
IMF Working Papers
00/75, International Monetary Fund.
- Haizhou Huang & Charles Goodhart, 1999. "A Simple Model of an International Lender of Last Resort," FMG Discussion Papers dp336, Financial Markets Group.
- Fischer, Stanley, 1999. "Reforming the International Financial System," Economic Journal, Royal Economic Society, vol. 109(459), pages F557-76, November.
- Houba, Harold & Sneek, Koos & Vardy, Felix, 2000. "Can negotiations prevent fish wars?," Journal of Economic Dynamics and Control, Elsevier, vol. 24(8), pages 1265-1280, July.
When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00731610. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.