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Private Sector Involvement and International Financial Crises

  • Livre Relié
  • 224 Nombre de pages
Offering an analytical perspective on the design of the international financial architecture, this book aims to set out a framewor... Lire la suite
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Description

Offering an analytical perspective on the design of the international financial architecture, this book aims to set out a framework for the assessment of crisis management policy. The issues examined include the design of sovereign bankruptcy procedures, and the role of the IMF in influencing creditors and debtor countries.

...the authors do an excellent job. The book will appeal to anyone interested in the serious study of financial crises and the design of international financial mechanisms.

Auteur
Prasanna Gai is a Fellow of the Research School of Pacific and Asian Studies at the Australian National University. He has been a Senior Adviser at the Bank of England (1994-2001), Senior Research Associate in the Financial Markets Group at the London School of Economics, and a Consultant to the Bank of England on international financial affairs (2002-2003). He has held visiting appointments as Visiting Fellow at the Hong Kong Institute of Monetary Research (2003) and Visiting Lecturer at the University of Oxford (2001). Michael Chui is Senior Manager at the Hong Kong Monetary Authority. He has been an Economist in the Directorate General International & European Relations at the European Central Bank (2001-2003), an Economist in the International Finance Division at the Bank of England (1998-2001), and a Research Officer in the Centre for Economic Forecasting at the London Business School (1993-98).

Texte du rabat

This is the first book to integrate analyses of sovereign debt and crises in financial markets. Offering an analytical perspective on the design of the international financial architecture, this book relates insights from recent literature on co-ordination games to earlier work on currency crises and sovereign debt default to set out a coherent framework for the assessment of crisis management policy. Issues examined include the design of sovereign bankruptcy procedures, and the role of the IMF in influencing creditors and debtor countries.



Résumé
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.

Contenu

1. Introduction; PART I: THE ANALYTICS OF CRISIS; 2. Overview: causes, costs, and prediction; 3. Sunspot-based models; 4. Fundamentals-based models; 5. Reconciling the two views; 6. Crisis costs and incentives to repay; 7. Spotting financial crises; PART II: REFORMING THE INTERNATIONAL FINANCIAL ARCHITECTURE; 8. Overview: dealing with crises; 9. Sovereign debt workouts; 10. Open issues; 11. The 'original sin' problem; 12. Next steps in the debate; Appendix A: First-order differential equation; Appendix B: Conditional distributions; Index

Détails sur le produit

Titre: Private Sector Involvement and International Financial Crises
Sous-titre: An Analytical Perspective
Auteur:
Code EAN: 9780199267750
ISBN: 978-0-19-926775-0
Format: Livre Relié
Editeur: Oxford University Press
Genre: Management
nombre de pages: 224
Poids: 485g
Taille: H242mm x B163mm x T18mm
Année: 2005