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

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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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Editorial Reviews

Jeffrey D. Sachs
by far the best book written in recent years on the vexing subject of how the international community should address international financial crises of emerging market economies. . . . This book will be read with enormous benefit by students, scholars, policymakers, and financial market participants.
Director of the Earth Institute, Columbia University
Lawrence Summers
Roubini and Setser bring valuable experience from the policymaking process to their analysis of responding to 21st century financial crises in emerging economies. Bailouts or Bail-ins? will prove to be a useful tool for those confronting these crises, and a clear, accessible overview for those studying global markets...
Former Treasury Secretary
Foreign Affairs
It has become routine to describe International Monetary Fund aid to a country in financial distress as a "bailout," particularly of foreign creditors. This characterization was deeply misleading in most cases. But "bailing in" foreign creditors in times of crisis—having creditors contribute to financial relief rather than add to the financial problem—became one of the top agenda items in reforming the international financial architecture. It was acknowledged that any such mechanism(s) would likely reduce the flow of private capital to developing countries, but that was viewed by some as an advantage and by others as a necessary price for mitigating the economic damage and distress associated with financial crises. This thorough book reviews critically and common-sensically the extensive if somewhat specialized discussion of the issue, as well as proposals to restore financial stability after financial crises by involving private capital directly in prospective workouts—by (very) loose analogy, to create an effective Chapter 11 of the U.S. bankruptcy code for sovereign debtors.
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Product Details

  • ISBN-13: 9780881323719
  • Publisher: Peterson Institute for International Economics
  • Publication date: 8/28/2004
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 384
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.90 (d)

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