Financial crises and the multilateral response: What the historical record shows

• 成果类型: Article
• 署名作者: Barkbu, Bergljot; Eichengreen, Barry; Mody, Ashoka
• 署名单位: University of California System; University of California Berkeley; International Monetary Fund; National Bureau of Economic Research; International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.02.006
• 发表日期: 2012
• 页码: 422-435
• 关键词: Financial crises; IMF programs; Multilateral response

摘要

We provide a synoptic description of financial crises and the multilateral response over the course of the last four decades. We present both indicators of economic performance around crisis dates and a comprehensive description of multilateral rescue efforts. While emergency lending has grown, reliance on debt restructuring, broadly speaking, has declined. This leads us to ask what can be done to rebalance the management of debt problems toward a better mix of emergency lending and private sector burden sharing. In particular, we explore the idea of sovereign cocos, contingent debt securities that automatically reduce payment obligations in the event of debt-sustainability problems. (C) 2012 International Monetary Fund. Published by Elsevier B.V. All rights reserved.