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dc.contributor.authorMaier, Philippen_US
dc.date.accessioned2011-12-15T12:55:54Z-
dc.date.available2011-12-15T12:55:54Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/53790-
dc.description.abstractThis study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider a third party”, such as the IMF to organise and facilitate debt restructurings. As we show, the importance of these third parties” has grown over time. At the same time, the financial environment has evolved rapidly, and financial markets have become more liquid and better able to spread risk in recent decades. In today's economic environment, the financial system of many advanced countries is better isolated from the negative consequences of a lengthy restructuring process. Consequently, from the perspective of creditor countries, the fact that third parties” can facilitate and shorten the restructuring process has become less valuable. That said, emerging economies still benefit from involving a third party”, as this might help to overcome coordination problems among creditors and signal that the local authorities are effectively dealing with the crisis, which might help to restore confidence. This holds all the more since creditors have better access to litigation nowadays than during earlier episodes of debt restructurings.en_US
dc.language.isoengen_US
dc.publisherBank of Canada Ottawaen_US
dc.relation.ispartofseriesBank of Canada Working Paper 2007,10en_US
dc.subject.jelN1en_US
dc.subject.jelN2en_US
dc.subject.jelE5en_US
dc.subject.jelF3en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial stabilityen_US
dc.subject.keywordInternational topicsen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwAuslandsverschuldungen_US
dc.subject.stwSchuldenerlassen_US
dc.subject.stwFinanzgeschichteen_US
dc.subject.stwWelten_US
dc.titleDo we need the IMF to resolve a crisis? Lessons from past episodes of debt restructuringen_US
dc.typeWorking Paperen_US
dc.identifier.ppn529595613en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Bank of Canada Working Papers

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