Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/126382
Authors: 
Ocampo, José Antonio
Year of Publication: 
2015
Series/Report no.: 
WIDER Working Paper 2015/011
Abstract: 
This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as focusing conditionality on macro-relevant areas. In contrast, and despite the spread of collective action clauses, much remains to be done in the area of debt restructuring. In this regard, it proposes a multilateral mechanism that offers a sequence of voluntary negotiations, mediation and eventual arbitration with pre-established deadlines, similar to that used in the World Trade Organization's dispute settlement process.
Subjects: 
IMF lending
conditionality
debt restructuring
collective action clauses
JEL: 
F33
F34
ISBN: 
978-92-9230-896-4
Document Type: 
Working Paper

Files in This Item:
File
Size
791.26 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.