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Bailouts or bail-ins? responding to financial crisis in emerging economies

Author: Roubini, Nouriel ; Setser, Brad Corporate author: Council on Foreign Relations Publisher: Institute for International Economics, 2004.Language: EnglishDescription: 427 p. ; 23 cm.ISBN: 0881323713Type of document: BookBibliography/Index: Includes bibliographical references and index and glossary
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HG1616 .C7 R68 2004
(Browse shelf)
Available 001261363
Total holds: 0

Includes bibliographical references and index and glossary


Bailouts or Bail-Ins? Responding to Financial Crises in Emerging Economies Contents Preface Acknowledgments 1 Introduction Why Crisis Resolution? Purging Unhelpful Myths Closing the Gap Between Rhetoric and Reality Agenda for Reform Structure of the Book ix xiii 1 5 7 13 19 22 2 New Nature of Emerging-Market Crises Sources of Vulnerability in Emerging-Market Crises Interpreting Recent Crises Conclusions 25 32 52 70 3 Analytical Literature on Crisis Resolution Four Approaches to Crisis Resolution Crisis Resolution in IMF's Absence IMF, Crises of Creditor Coordination, and Moral Hazard Do Partial Bailouts Ever Work? Policy Implications and Suggestions for Further Research 73 76 79 93 108 114 4 Experience with Bailouts and Bail-ins Experience with Official Financing Experience with Bail-in Policies: Rollover Arrangements and Debt Exchanges Lessons for the Official Sector Lessons from Bond Restructurings Lessons from Restructuring of Bank Claims Conclusions 119 121 139 160 166 174 178 5 Official Policy Toward Crisis Resolution Reaction to Mexico's Bailout Reform of the International Financial Architecture The Debate Fractures A New Administration, a New Policy? Conclusions 181 183 186 191 199 203 6 Responding to Liquidity Shortages When Is Official Liquidity Support Warranted? Are Targeted Debt Reschedulings Inequitable? Risks of Gradual Escalation Case for Pragmatism Private-Sector Financial Difficulties Alternative Approaches to Liquidity Crises What Is the Right Policy? 207 208 219 220 220 221 230 247 7 Seniority of Sovereign Debts Relative Treatment of Different Sovereign Claims Domestic Versus External Debt Arguments in Favor of a Formal Debt Seniority Regime Conclusion 249 251 263 277 285 8 Legal Reform Potential Obstacles to Sovereign Debt Restructuring Approaches to Legal Reform Codes and Committees Assessing Reform Proposals Conclusion 289 291 308 326 332 334 9 Recommendations for Reform "Hardware" Largely in Place Problems with Crisis Resolution "Software" Moving from Problems to Solutions Conclusion 335 338 351 365 376 Appendix A Tables References Glossary Index 379 391 407 415

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