You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending PDF (Adobe DRM) download by Marco Committeri

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

INTERNATIONAL MONETARY FUND
Publication date: January 2013
ISBN: 9781475528589
Digital Book format: PDF (Adobe DRM)

Buy PDF

List price:
$9.00
Our price:
$6.99

You save: $2.01 (22%)
GET THIS EBOOK
FOR FREE!
Join our Facebook sweepstake, share and
get 10 likes. Winners
get notified in 24H!
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.
Please sign in to review this product.
Format:
Devices:
You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending PDF (Adobe DRM) can be read on any device that can open PDF (Adobe DRM) files.

File Size:
1749 Kb
Language:
ENG
Copy From Text:
Disabled.
Printing:
Disabled.
You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending PDF (Adobe DRM) download by Marco Committeri
INTERNATIONAL MONETARY FUND, January 2013
ISBN: 9781475528589
EAN:  9781475528589
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99
You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending ePub (Adobe DRM) download by Marco Committeri
INTERNATIONAL MONETARY FUND, January 2013
ISBN: 9781475533828
EAN:  9781475533828
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99