@techreport{Siebert1998future,
abstract = {The paper analyzes how the next financial crisis can be prevented and which
role the IMF should play. The paper distinguishes between the improvement of
existing instruments and solving the moral hazard problem. Both issues are
interrelated. The size of operation of the IMF creates a moral hazard problem.
The IMF should credibly announce the ex-post rules for bridging a liquidity gap
in order to set the right ex-ante incentives for the behavior of debtors and
creditors. An institutional design for dealing with private and sovereign debt
analogous to national bankruptcy rules has to be developed.},
address = {Kiel},
author = {Horst Siebert},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F00; F02; F33; F34; 330; Internationales W\"{a}hrungssystem; Internationaler Kredit; Moral Hazard; W\"{a}hrungskrise; Anpassungsprogramm des IWF; Glaubw\"{u}rdigkeit; Welt},
language = {eng},
number = {870},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {The future of the IMF : how to prevent the next global financial crisis},
type = {Kiel Working Papers},
url = {http://hdl.handle.net/10419/1026},
year = {1998}
}
