The IMF in a world of private capital markets /

The IMF in a world of private capital markets /

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Bibliographic Details
Author / Creator:	Eichengreen, Barry J., author.
Imprint:	[Washington, D.C.] : International Monetary Fund, European Dept., 2005.
Description:	1 online resource (34 pages)
Language:	English
Series:	IMF working paper ; WP/05/84 IMF working paper ; WP/05/84.
Subject:	International Monetary Fund. International Monetary Fund. International finance -- Econometric models. Capital movements -- Developing countries -- Econometric models. Bond market -- Developing countries -- Econometric models. Bank loans -- Developing countries -- Econometric models. Bank loans -- Econometric models. Bond market -- Econometric models. Capital movements -- Econometric models. International finance -- Econometric models. Developing countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/13510566

Hidden Bibliographic Details
Varying Form of Title:	International Monetary Fund in a world of private capital markets
Other authors / contributors:	Kletzer, Kenneth, author. Mody, Ashoka, author. International Monetary Fund. European Department, author.
ISBN:	1282590227 9781282590229
Notes:	Includes bibliographical references. Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. 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. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds are lower when they are issued in conjunction with IMF-supported programs, as if the existence of a program conveyed positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries vulnerable to liquidity crises.
Other form:	Print version: Eichengreen, Barry J. IMF in a world of private capital markets. [Washington, D.C.] : International Monetary Fund, European Dept., 2005

Description
Summary:	The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds are lower when they are issued in conjunction with IMF-supported programs, as if the existence of a program conveyed positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries vulnerable to liquidity crises.
Physical Description:	1 online resource (34 pages)
Format:	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.
Bibliography:	Includes bibliographical references.
ISBN:	1282590227 9781282590229