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Toward A Lender Of First Resort
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Book Synopsis Toward a Lender of First Resort by : Daniel Cohen
Download or read book Toward a Lender of First Resort written by Daniel Cohen and published by International Monetary Fund. This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad" equilibrium. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that breaks down the origin of crises into three components: confidence (spreads and currency crisis), fundamentals (real growth rate), and economic policy (primary deficit). Theory then suggests a set of circumstances in which a lender of first resort would be desirable. The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives. Theory also illuminates the potential role of collective action clauses in reducing the risk of self-fulfilling debt crises
Book Synopsis Toward a Lender of First Resort by : Daniel Cohen
Download or read book Toward a Lender of First Resort written by Daniel Cohen and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-03-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad" equilibrium. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that breaks down the origin of crises into three components: confidence (spreads and currency crisis), fundamentals (real growth rate), and economic policy (primary deficit). Theory then suggests a set of circumstances in which a lender of first resort would be desirable. The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives. Theory also illuminates the potential role of collective action clauses in reducing the risk of self-fulfilling debt crises.
Book Synopsis The Lender of First Resort: Shariʻah compliant finance : a post - crisis outlook by : Maʻn Barāzī
Download or read book The Lender of First Resort: Shariʻah compliant finance : a post - crisis outlook written by Maʻn Barāzī and published by . This book was released on 2009 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Deep Freeze written by Philipp Bagus and published by Ludwig von Mises Institute. This book was released on 2011-04-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: It was a modern thriving economy one day, and then, suddenly, the food disappeared from the shelves, the banks closed, and the ships stopped arriving. Iceland in 2008 experienced an unprecedented economic meltdown that struck fear in the hearts of people all over the world. If it could happen here, it could happen anywhere. The economic crisis led to a political crisis, with resignations galore. The whining and wailing about the disaster continues to this day, with most commentators blaming deregulation and the free market. In Deep Freeze, economists Philipp Bagus and David Howden demonstrate that the real cause of the calamity was bad central bank policy. Rates were way too low, banks were too big to fail, housing was implicitly guaranteed, and banks were borrowing short term from abroad to finance long term bonds. The authors discuss the implications of this maturity mismatching and zero in on the central bank policies that encouraged unsound practices. They demonstrate the cause and effect without a shadow of a doubt, using vast amounts of data and a detailed sector-by-sector look at the economy of Iceland. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place. Toby Baxendale writes the introducton to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana. They affect our lives in profound and sometimes catastrophic ways. The Iceland Freeze is one of the great historical cases that makes Mises’s point. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. This account is likely to remain the definitive one for many years.
Book Synopsis Reforming the IMF for the 21st Century by :
Download or read book Reforming the IMF for the 21st Century written by and published by Peterson Institute. This book was released on 2006 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reputation and International Cooperation by : Michael Tomz
Download or read book Reputation and International Cooperation written by Michael Tomz and published by Princeton University Press. This book was released on 2012-01-09 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does cooperation emerge in a condition of international anarchy? Michael Tomz sheds new light on this fundamental question through a study of international debt across three centuries. Tomz develops a reputational theory of cooperation between sovereign governments and foreign investors. He explains how governments acquire reputations in the eyes of investors, and argues that concerns about reputation sustain international lending and repayment. Tomz's theory generates novel predictions about the dynamics of cooperation: how investors treat first-time borrowers, how access to credit evolves as debtors become more seasoned, and how countries ascend and descend the reputational ladder by acting contrary to investors' expectations. Tomz systematically tests his theory and the leading alternatives across three centuries of financial history. His remarkable data, gathered from archives in nine countries, cover all sovereign borrowers. He deftly combines statistical methods, case studies, and content analysis to scrutinize theories from as many angles as possible. Tomz finds strong support for his reputational theory while challenging prevailing views about sovereign debt. His pathbreaking study shows that, across the centuries, reputations have guided lending and repayment in consistent ways. Moreover, Tomz uncovers surprisingly little evidence of punitive enforcement strategies. Creditors have not compelled borrowers to repay by threatening military retaliation, imposing trade sanctions, or colluding to deprive defaulters of future loans. He concludes by highlighting the implications of his reputational logic for areas beyond sovereign debt, further advancing our understanding of the puzzle of cooperation under anarchy.
Download or read book Life After Debt written by J. Stiglitz and published by Springer. This book was released on 2014-07-23 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a pluralistic discussion from world-renowned scholars on the international aspects of the debt crisis and prospects for resolution. It provides a comprehensive evaluation of how the debt crisis has impacted Western Europe, the emerging markets and Latin America, and puts forward different suggestions for recovery.
Book Synopsis American Global Strategy and the 'War on Terrorism' by : Professor Hall Gardner
Download or read book American Global Strategy and the 'War on Terrorism' written by Professor Hall Gardner and published by Ashgate Publishing, Ltd.. This book was released on 2013-02-28 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary international events, and indeed even the US presidential election, demonstrate the continuing need for debate and discourse over the direction and emphases of US foreign policy. Following the success of the original hardback publication, this revised and updated paperback re-conceptualizes the 'war on terrorism' and analyzes the nature of American domestic and international policy-making within the context of historical and structural constraints upon US policy. American Global Strategy and the 'War on Terrorism' addresses a wide range of themes that are crucial to understanding the 9/11 crisis and to formulating an affective American and global foreign and security policy to deal with that crisis. This study should be read by contemporary policy makers and scholars of foreign policy.
Book Synopsis Financial Markets Volatility and Performance in Emerging Markets by : Sebastian Edwards
Download or read book Financial Markets Volatility and Performance in Emerging Markets written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2008-09-15 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital mobility is a double-edged sword for emerging economies, as governments must weigh the benefits of investment against the potential economic costs and political consequences of currency crises, devaluations, and instability. Financial Markets Volatility and Performance in Emerging Markets addresses the delicate balance between capital mobility and capital controls as developing countries navigate the convoluted global network of private investors, hedge funds, large corporations, and international institutions such as the International Monetary Fund. A group of experts here examine rapidly globalizing financial markets with regard to capital flows and crises, domestic credit, international financial integration, and economic policy. Featuring detailed analyses and cross-national comparisons of countries such as Brazil, Argentina, Uruguay, and Korea, this book will shape economists’ and policymakers’ understanding of the effectiveness of restrictions on capital mobility in the world’s most fragile economies.
Book Synopsis You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending by : Mr.Marco Committeri
Download or read book You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending written by Mr.Marco Committeri and published by International Monetary Fund. This book was released on 2013-01-22 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012.
Book Synopsis The Washington Consensus Reconsidered by : Narcís Serra
Download or read book The Washington Consensus Reconsidered written by Narcís Serra and published by OUP Oxford. This book was released on 2008-04-24 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together many of the leading international figures in development studies, such as Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyar and John Williamson to reconsider and propose alternative development policies to the Washington Consensus. Covering a wide range of issues from macro-stabilization to trade and the future of global governance, this important volume makes a real contribution to this important and ongoing debate. The volume begins by introducing the Washington Consensus, discussing how it was originally formulated, what it left out, and how it was later interpreted, and sets the stage for a formulation of a new development framework in the post-Washington Consensus era. It then goes on to analyze and offer differing perspectives and potential solutions to a number of key development issues, some which were addressed by the Washington Consensus and others which were not. The volume concludes by looking toward formulating new policy frameworks and offers possible reforms to the current system of global governance.
Book Synopsis Winners and Losers in Globalization by : Guillermo de la Dehesa
Download or read book Winners and Losers in Globalization written by Guillermo de la Dehesa and published by John Wiley & Sons. This book was released on 2008-04-15 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seeking reason in the impassioned globalization debate, de laDehesa examines who stands to win and who stands to lose from theprocess of globalization, in a style accessible to readersunfamiliar with economic theory. Objectively and dispassionately illuminates the emotionallycharged globalization debate; Acknowledges that the costs and benefits of globalization willnot be distributed evenly; Details the economic effects of globalization on individuals,governments, nation-states and business; Assesses the impact of globalization on both labor markets andfinancial markets, on global economic growth and on incomedistribution and real convergence between different nationaleconomies.
Book Synopsis Economic Integration and Social Responsibility by : François Bourguignon
Download or read book Economic Integration and Social Responsibility written by François Bourguignon and published by World Bank Publications. This book was released on 2007 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Little Data Book on Private Sector Development 2007 is one of a series of pocket-sized books intended to provide a quick reference to development data on different topics. The Little Data Book on Private Sector Development 2007 provides data for more than 20 key indicators on business environment and private sector development in a single page for each of the World Bank member countries and other economies with populations of more than 30,000. These more than 200 country pages are supplemented by aggregate data for regional and income groupings. The data topics include, economic and social context; business environment; private sector investment; finance and banking; infrastructure. It is intended as a quick reference for users of World Development Indicators, WDI Online, and the Atlas of Global Development. The book also includes data from the World Bank's Doing Business project and Enterprise Surveys.
Book Synopsis Yearbook on International Investment Law & Policy 2011-2012 by : Karl P. Sauvant
Download or read book Yearbook on International Investment Law & Policy 2011-2012 written by Karl P. Sauvant and published by . This book was released on 2013-03-21 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Yearbook on International Investment Law & Policy 2011-2012 monitors current developments in international investment law and policy, focusing on recent trends and issues in foreign direct investment (FDI). This edition also discusses regulatory and policy developments regarding FDIs in extractive industries.
Book Synopsis Poverty, Prosperity and the World Economy by : Shahen Abrahamian
Download or read book Poverty, Prosperity and the World Economy written by Shahen Abrahamian and published by Springer. This book was released on 1995-08-14 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: A distinguished group of international and development economists surveys the major issues in international development finance and trade. They are particularly concerned to consider the implications of trade and finance for global poverty and prosperity. The book includes an assessment of the life and work of Sidney Dell, in whose memory it has been written.
Book Synopsis Assessing China’s Power by : Jae Ho Chung
Download or read book Assessing China’s Power written by Jae Ho Chung and published by Springer. This book was released on 2015-10-07 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: The topic of China's rise and what it really means for the global and regional order is the subject of intense debate. In this volume, top scholars address China's power today, compare China's power with that of the USA, and forecast China's power in 2025.
Book Synopsis Towards a Lender of First Resort by : Daniel Cohen
Download or read book Towards a Lender of First Resort written by Daniel Cohen and published by . This book was released on 2004 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
