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Books > Business & Economics > Economics > International economics > International finance
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Private Sector Involvement and International Financial Crises - An Analytical Perspective (Hardcover, New)
Loot Price: R3,245
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Private Sector Involvement and International Financial Crises - An Analytical Perspective (Hardcover, New)
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Offering an analytical perspective on the design and reform of the
international financial architecture, this book stresses the
important role played by creditor co-ordination problems in the
origin and management of crises by relating the insights of the new
literature on global games to earlier work on currency crises, bank
runs, and sovereign debt default. It examines the design of
sovereign bankruptcy procedures, the role of the IMF in influencing
creditors and debtor countries, and the currency composition of
sovereign debt, and draws on recent research and policy work. The
book's first part provides a critical synthesis of the literature
underpinning the architecture debate. It reviews the traditional
distinction between "fundamentals-based" and "sunspot-based" crises
before reconciling the two using global game methods. The role of
co-ordination problems in sparking costly liquidation and
influencing the debtor's incentives to repay is then examined in
depth and shown to lie at the heart of crisis management policy.
The empirical literature on leading indicators of crisis is also
critically examined and related to the architecture debate. In its
second part the book examines key issues in crisis management.
Suggesting that optimal reforms must set the inefficiencies of
crisis against the inefficiencies of debtor moral hazard, the
authors consider the relative merits of statutory and contractual
solutions to sovereign debt workouts. They go on to discuss the
role of the IMF in influencing private lending and debtor moral
hazard, theoretically and empirically. They argue that there is no
simple relationship between ex post crisis management and ex ante
moral hazard, implying that the handling of financial crises is a
delicate affair warranting a cautious approach by would-be
architects.
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