The Efficient Resolution of Capital Account Crises: How to Avoid Moral Hazard.
This paper presents a model of capital account crises and uses it to study resolution mechanisms for both liquidity and solvency crises. It shows that liquidity crises should be dealt with by a standstill combined with IMF lending into arrears, whereas solvency crises should be resolved by debt writ...
| Main Authors: | , |
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| 格式: | Journal article |
| 語言: | English |
| 出版: |
2005
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