Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets / Edition 1

Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets / Edition 1

by Nouriel Roubini, Noriel Roubini, Brad Setser
     
 

ISBN-10: 0881323713

ISBN-13: 9780881323719

Pub. Date: 08/28/2004

Publisher: Peterson Institute for International Economics

Roughly once a year, the managing director of the International Monetary Fund, the US treasury secretary, and in some cases the finance ministers of other G-7 countries gets a call from the finance minister of a large emerging market economy. The emerging market finance minister indicates that the country is rapidly running out of foreign reserves, that it has lost…  See more details below

Overview

Roughly once a year, the managing director of the International Monetary Fund, the US treasury secretary, and in some cases the finance ministers of other G-7 countries gets a call from the finance minister of a large emerging market economy. The emerging market finance minister indicates that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets, and perhaps that it has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country's banks that the government has guaranteed. How should financial officials respond? This book argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt. Published in cooperation with the Council on Foreign Relations.

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Product Details

ISBN-13:
9780881323719
Publisher:
Peterson Institute for International Economics
Publication date:
08/28/2004
Edition description:
New Edition
Pages:
384
Sales rank:
1,367,413
Product dimensions:
5.90(w) x 8.90(h) x 0.90(d)

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