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dc.contributor.authorMaier, Philippen
dc.date.accessioned2011-12-15T12:55:54Z-
dc.date.available2011-12-15T12:55:54Z-
dc.date.issued2007-
dc.identifier.pidoi:10.34989/swp-2007-10en
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
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2007-10en
dc.subject.jelN1en
dc.subject.jelN2en
dc.subject.jelE5en
dc.subject.jelF3en
dc.subject.ddc330en
dc.subject.keywordFinancial stabilityen
dc.subject.keywordInternational topicsen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwAuslandsverschuldungen
dc.subject.stwSchuldenerlassen
dc.subject.stwFinanzgeschichteen
dc.subject.stwWelten
dc.titleDo we need the IMF to resolve a crisis? Lessons from past episodes of debt restructuring-
dc.typeWorking Paperen
dc.identifier.ppn529595613en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:07-10en

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