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:
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

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520 |a 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. 
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 International finance  |x Econometric models. 
650 0 |a Capital movements  |z Developing countries  |x Econometric models. 
650 0 |a Bond market  |z Developing countries  |x Econometric models. 
650 0 |a Bank loans  |z Developing countries  |x Econometric models. 
650 6 |a Finances internationales  |x Modèles économétriques. 
650 6 |a Mouvements de capitaux  |z Nouveaux pays industrialisés  |x Modèles économétriques. 
650 6 |a Marché obligataire  |z Nouveaux pays industrialisés  |x Modèles économétriques. 
650 6 |a Prêts bancaires  |z Nouveaux pays industrialisés  |x Modèles économétriques. 
650 7 |a Bank loans  |x Econometric models.  |2 fast  |0 (OCoLC)fst00826709 
650 7 |a Bond market  |x Econometric models.  |2 fast  |0 (OCoLC)fst00835863 
650 7 |a Capital movements  |x Econometric models.  |2 fast  |0 (OCoLC)fst00846376 
650 7 |a International finance  |x Econometric models.  |2 fast  |0 (OCoLC)fst00976950 
651 7 |a Developing countries.  |2 fast  |0 (OCoLC)fst01242969 
655 4 |a Electronic books. 
700 1 |a Kletzer, Kenneth,  |e author. 
700 1 |a Mody, Ashoka,  |e author.  |0 http://id.loc.gov/authorities/names/n89642609 
710 2 |a International Monetary Fund.  |b European Department,  |e author.  |0 http://id.loc.gov/authorities/names/n86100166 
776 0 8 |i Print version:  |a Eichengreen, Barry J.  |t IMF in a world of private capital markets.  |d [Washington, D.C.] : International Monetary Fund, European Dept., 2005  |w (OCoLC)60691854 
830 0 |a IMF working paper ;  |v WP/05/84.  |0 http://id.loc.gov/authorities/names/no89010263 
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