Toward a lender of first resort /
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| Author / Creator: | Cohen, Daniel, 1953- author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, Research Dept., ©2006. |
| Description: | 1 online resource (24 pages) |
| Language: | English |
| Series: | IMF working paper, 2227-8885 ; WP/06/66 IMF working paper ; WP/06/66. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498563 |
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| 100 | 1 | |a Cohen, Daniel, |d 1953- |e author. |0 http://id.loc.gov/authorities/names/n97061450 | |
| 245 | 1 | 0 | |a Toward a lender of first resort / |c Daniel Cohen and Richard Portes. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, Research Dept., |c ©2006. | ||
| 300 | |a 1 online resource (24 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 2227-8885 ; |v WP/06/66 | |
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a 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. | ||
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2010. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2010 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 505 | 0 | |a "Contents"; "I. INTRODUCTION"; "II. THE FINANCIAL CRISES OF THE 1990S WERE DIFFERENT FROM THOSE OF THE 1980S"; "III. DEBT CRISES OF THE 1990S: A TAXONOMY"; "IV. CONFIDENCE CRISIS AND CRISIS OF THE FUNDAMENTALS: A THEORETICAL BENCHMARK"; "V. OUR POLICY IMPLICATIONS: COLLECTIVE ACTION CLAUSES AND A LENDER OF FIRST RESORT"; "REFERENCES" | |
| 610 | 2 | 0 | |a International Monetary Fund. |0 http://id.loc.gov/authorities/names/n81052755 |
| 610 | 2 | 6 | |a Fonds monétaire international. |
| 610 | 2 | 7 | |a International Monetary Fund. |2 fast |0 (OCoLC)fst00556666 |
| 650 | 0 | |a Capital movements. |0 http://id.loc.gov/authorities/subjects/sh85019946 | |
| 650 | 0 | |a Debts, External. |0 http://id.loc.gov/authorities/subjects/sh85036140 | |
| 650 | 0 | |a Debts, Public. |0 http://id.loc.gov/authorities/subjects/sh85036141 | |
| 650 | 0 | |a Financial crises. |0 http://id.loc.gov/authorities/subjects/sh89002668 | |
| 650 | 6 | |a Dettes extérieures. | |
| 650 | 6 | |a Dettes publiques. | |
| 650 | 6 | |a Krachs. | |
| 650 | 6 | |a Mouvements de capitaux. | |
| 650 | 7 | |a Capital movements. |2 fast |0 (OCoLC)fst00846374 | |
| 650 | 7 | |a Debts, External. |2 fast |0 (OCoLC)fst00888828 | |
| 650 | 7 | |a Debts, Public. |2 fast |0 (OCoLC)fst00888850 | |
| 650 | 7 | |a Financial crises. |2 fast |0 (OCoLC)fst00924607 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Portes, Richard, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. | |
| 776 | 0 | 8 | |i Print version: |a Cohen, Daniel, 1953- |t Toward a lender of first resort. |d [Washington, D.C.] : International Monetary Fund, Research Dept., ©2006 |w (OCoLC)71617460 |
| 830 | 0 | |a IMF working paper ; |v WP/06/66. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2006/066/001.2006.issue-066-en.xml |y INTERNATIONAL MONETARY FUND |
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