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About Toward a Lender of First Resort
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 and “good and ” over the and “bad and ” 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.
Detailed Information
| Author: | Daniel Cohen |
|---|---|
| Publication Year: | 2006 |
| ISBN: | 6613823767 |
| Pages: | 26 |
| Language: | English |
| File Size: | 0.37109375 |
| Format: | |
| Price: | FREE |
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