You Never Give Me Your Money Sovereign Debt Crises Collective Action Problems And Imf Lending

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You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

Mr.Marco Committeri,Francesco Spadafora
You Never Give Me Your Money Sovereign Debt Crises Collective Action Problems and IMF Lending Book PDF

Author : Mr.Marco Committeri,Francesco Spadafora
Publisher : International Monetary Fund
Page : 50 pages
File Size : 48,7 Mb
Release : 2013-01-22
Category : Business & Economics
ISBN : 9781475533828

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You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending by Mr.Marco Committeri,Francesco Spadafora Pdf

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012.

The Incomplete Currency

Marcello Minenna,Giovanna Maria Boi,Paolo Verzella
The Incomplete Currency Book PDF

Author : Marcello Minenna,Giovanna Maria Boi,Paolo Verzella
Publisher : John Wiley & Sons
Page : 552 pages
File Size : 43,8 Mb
Release : 2016-03-30
Category : Business & Economics
ISBN : 9781119019114

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The Incomplete Currency by Marcello Minenna,Giovanna Maria Boi,Paolo Verzella Pdf

A fact-based treatise on the Eurozone crisis, with analysis of possible solutions The Incomplete Currency is the only technical — yet accessible — analysis of the current Eurozone crisis from a global perspective. The discussion begins by explaining how the Euro's architecture, the relationship between finance and the real economy, and the functioning of the Eurosystem in general are all at the root of the current crisis, and then explores possible solutions rooted in fact, not theory. All topics are analysed and illustrated, making extensive use of examples, tables, and graphics, and the ideas presented are supported by data sets and their statistical elaborations throughout the book. An extensive digital component includes numerical simulations of public debt dynamics for different Eurozone countries, evaluations of the sustainability of programmes like the Fiscal Compact, and stress tests on the ability of institutions like the ESM to cope with major liquidity crises, and the spreadsheets used to calculate data in the book is provided for readers to access for themselves. The survival of the European monetary union has been questioned due to the accumulation of structural imbalances and the negative effects of the global financial crisis. This book lays out the full extent of the problem, explains what caused it, and provides possible solutions backed by extensive data. Dig down to the root of the Eurozone crisis Learn why austerity doesn't fix anything Understand how the Euro has changed economies Consider possible strategies for recovery In a macroeconomic context where the monetary policy is the prerogative of the European Central Bank and fiscal policy, hopeless austerity works against the economic recovery of the Eurozone countries. A positive attitude is difficult, but necessary. The Incomplete Currency is an insightful, important resource that guides readers toward real solutions.

Making Sovereign Financing and Human Rights Work

Juan Pablo Bohoslavsky,Jernej Letnar Cernic
Making Sovereign Financing and Human Rights Work Book PDF

Author : Juan Pablo Bohoslavsky,Jernej Letnar Cernic
Publisher : Bloomsbury Publishing
Page : 567 pages
File Size : 48,6 Mb
Release : 2014-12-01
Category : Law
ISBN : 9781782253945

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Making Sovereign Financing and Human Rights Work by Juan Pablo Bohoslavsky,Jernej Letnar Cernic Pdf

Poor public resource management and the global financial crisis curbing fundamental fiscal space, millions thrown into poverty, and authoritarian regimes running successful criminal campaigns with the help of financial assistance are all phenomena that raise fundamental questions around finance and human rights. They also highlight the urgent need for more systematic and robust legal and economic thinking about sovereign finance and human rights. This edited collection aims to contribute to filling this gap by introducing novel legal theories and analyses of the links between sovereign debt and human rights from a variety of perspectives. These chapters include studies of financial complicity, UN sanctions, ethics, transitional justice, criminal law, insolvency proceedings, millennium development goals, global financial architecture, corporations, extraterritoriality, state of necessity, sovereign wealth and hedge funds, project financing, state responsibility, international financial institutions, the right to development, UN initiatives, litigation, as well as case studies from Africa, Asia and Latin America. These chapters are then theorised by the editors in an introductory chapter. In July 2012 the UN Human Rights Council finally issued its own guidelines on foreign debt and human rights, yet much remains to be done to promote better understanding of the legal and economic implications of the interface between finance and human rights. This book will contribute to that understanding as well as help practitioners in their everyday work. The authors include world-renowned lawyers and economists, experienced practitioners and officials from international organisations.

Reassertion of Control over the Investment Treaty Regime

Andreas Kulick
Reassertion of Control over the Investment Treaty Regime Book PDF

Author : Andreas Kulick
Publisher : Cambridge University Press
Page : 411 pages
File Size : 41,6 Mb
Release : 2016-12-15
Category : Business & Economics
ISBN : 9781107172654

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Reassertion of Control over the Investment Treaty Regime by Andreas Kulick Pdf

This book identifies a paradigm shift in international investment law and enquires into how states reassert control over investment treaties.

Managing The Euro Area Debt Crisis

William R Cline
Managing The Euro Area Debt Crisis Book PDF

Author : William R Cline
Publisher : Columbia University Press
Page : 218 pages
File Size : 42,5 Mb
Release : 2016-04-01
Category : Business & Economics
ISBN : 9780881326888

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Managing The Euro Area Debt Crisis by William R Cline Pdf

First came the financial and debt crisis in Greece, then government financing difficulties and rescue programs in Ireland in 2010 and Portugal in 2011. Before long, Italy and Spain were engulfed by financial contagion as well. Finally in 2012, the European Central Bank pledged to do "whatever it takes" to preserve the euro area with purchases of government bonds, a step that achieved impressive results, according to William R. Cline in this important new book. One of the world's leading experts on fiscal and debt issues, Cline mobilizes meticulously researched and forceful arguments to trace the history of the euro area debt crisis and makes projections of future debt sustainability. He argues that euro area leaders made the right decision to keep the euro from breaking apart but warns against complacency about the future. Cline contends that troubled European economies should continue their fiscal consolidation but that further debt restructurings for most countries are not called for. Greece is a special case and may need some further debt relief contingent on continued progress on fiscal and structural reform, however. In this landmark study, Cline offers a detailed analysis of the mistakes, successes, and options for Europe as it struggles to overcome its worst economic disaster since World War II.

Preparing for the Next Financial Crisis

Olivier de Bandt,Francoise Drumetz,Christian Pfister
Preparing for the Next Financial Crisis Book PDF

Author : Olivier de Bandt,Francoise Drumetz,Christian Pfister
Publisher : Routledge
Page : 387 pages
File Size : 44,9 Mb
Release : 2020-12-28
Category : Business & Economics
ISBN : 9780429949555

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Preparing for the Next Financial Crisis by Olivier de Bandt,Francoise Drumetz,Christian Pfister Pdf

The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise not only the general public but also finance professionals, economists, and journalists. Faced with this challenge, Preparing for the Next Financial Crisis goes back to basics. The authors ask: what do theory and empirical observations tell us about the causes and the consequences of financial crisis and instability? In what has become an increasingly complex financial world, what lessons can we learn from economic policies, which have been implemented, and research, which has developed extremely rapidly in recent years, so as not to repeat past mistakes? In this comprehensive review of the literature, which is both complete and balanced, the authors highlight the points of consensus among economists and policymakers. They assess the capacity of economic policies and institutions in limiting the cost of financial instability. In conclusion, they ask if the financial system has become safer, in the light especially of the Covid-19 Global Crisis. Ten years after the GFC crisis, this is a timely review of the reform agenda, the progress made, and the areas where further changes need to be made to address new risks and challenges.

IMF Research Bulletin, March 2013

International Monetary Fund. Research Dept.
IMF Research Bulletin March 2013 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 15 pages
File Size : 51,9 Mb
Release : 2013-03-15
Category : Business & Economics
ISBN : 9781484376300

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IMF Research Bulletin, March 2013 by International Monetary Fund. Research Dept. Pdf

The Research Summaries in the March 2013 Research Bulletin discuss "Trade Finance and Its Role in the Great Trade Collapse" (JaeBin Ahn) and "Sovereign Debt: How to Track Who Is Buying and Selling It" (Serkan Arslanalp and Takahiro Tsuda). The Q&A looks at "Seven Questions on the Implications of Global Supply Chains for Real Effective Exchange Rates" (Rudolfs Bems). Readers can also find in this issue a listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications. The Bulletin also includes a call for papers for a research conference and information on free access to the IMF Economic Review in April.

Redefining Capitalism in Global Economic Development

Kui-Wai Li
Redefining Capitalism in Global Economic Development Book PDF

Author : Kui-Wai Li
Publisher : Academic Press
Page : 476 pages
File Size : 52,9 Mb
Release : 2017-06-07
Category : Business & Economics
ISBN : 9780128041970

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Redefining Capitalism in Global Economic Development by Kui-Wai Li Pdf

Redefining Capitalism in Global Economic Development reconsiders capitalism by taking into account the unfolding forces of economic globalization, especially in Asian economies. It explores the economic implications and consequences of recent financial crises, terrorism, ultra-low interest rates that are decades-long, debt-prone countries and countries with large trade surpluses. The book illuminates these economic implications and consequences through a framework of capitalist ideologies and concepts, recognizing that Asia is redefining capitalism today. The author, Li, seeks not to describe why nations fail, but how the sustainability of capitalism can save the world. Merges capitalist theory with global events, as few books do Emphasizes ways to interpret capitalist ideas in light of current global affairs Reframes capitalism via economics, supported by insights from political science, sociology, international relations and peace studies

Governance of the European Monetary Union

Erik Jones,Francisco Torres
Governance of the European Monetary Union Book PDF

Author : Erik Jones,Francisco Torres
Publisher : Routledge
Page : 178 pages
File Size : 42,6 Mb
Release : 2018-02-05
Category : Political Science
ISBN : 9781317203377

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Governance of the European Monetary Union by Erik Jones,Francisco Torres Pdf

The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

Toward a Lender of First Resort

Daniel Cohen,Richard Portes
Toward a Lender of First Resort Book PDF

Author : Daniel Cohen,Richard Portes
Publisher : International Monetary Fund
Page : 30 pages
File Size : 49,6 Mb
Release : 2006
Category : Capital movements
ISBN : UCSD:31822034373936

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Toward a Lender of First Resort by Daniel Cohen,Richard Portes Pdf

If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad" equilibrium. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that breaks down the origin of crises into three components: confidence (spreads and currency crisis), fundamentals (real growth rate), and economic policy (primary deficit). Theory then suggests a set of circumstances in which a lender of first resort would be desirable. The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives. Theory also illuminates the potential role of collective action clauses in reducing the risk of self-fulfilling debt crises

Bankruptcy Procedures for Sovereigns

Kenneth Rogoff,Jeromin Zettelmeyer
Bankruptcy Procedures for Sovereigns Book PDF

Author : Kenneth Rogoff,Jeromin Zettelmeyer
Publisher : International Monetary Fund
Page : 50 pages
File Size : 55,6 Mb
Release : 2002-08
Category : Business & Economics
ISBN : UCSD:31822032146680

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Bankruptcy Procedures for Sovereigns by Kenneth Rogoff,Jeromin Zettelmeyer Pdf

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 49,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

A New Approach to Sovereign Debt Restructuring

Anne O. Krueger
A New Approach to Sovereign Debt Restructuring Book PDF

Author : Anne O. Krueger
Publisher : International Monetary Fund
Page : 54 pages
File Size : 43,5 Mb
Release : 2002-04-16
Category : Business & Economics
ISBN : STANFORD:36105111603911

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A New Approach to Sovereign Debt Restructuring by Anne O. Krueger Pdf

In recent years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community’s efforts to strengthen the architecture of the global financial system. This pamphlet by IMF First Deputy Managing Director Anne O.Krueger draws together the latest IMF thinking on the controversial issue in a single publication.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 47,7 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Laid Low

Paul Blustein
Laid Low Book PDF

Author : Paul Blustein
Publisher : McGill-Queen's Press - MQUP
Page : 504 pages
File Size : 41,5 Mb
Release : 2016-10-17
Category : Political Science
ISBN : 9781928096269

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Laid Low by Paul Blustein Pdf

The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.