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Conference Paper
Trade deficits in the long run
Working Paper
Crisis resolution: next steps
At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other emerging market countries. This paper reviews the developments leading up to that event, its implications, and prospects ...
Conference Paper
Global imbalances and the lessons of Bretton Woods
Working Paper
The IMF in a World of Private Capital Markets
The IMF attempts to stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly-available information dominates. But spreads ...
Conference Paper
Managing financial crises in emerging markets
Conference Paper
Escaping the middle-income trap
Conference Paper
Comments on financial crises and contagion
Journal Article
Interview with Barry Eichengreen
Conference Paper
Policy making in an integrated world: from surveillance to ...?