Resolution of balance of payments crises: Emergency financing and debt workouts

Arbeitspapier

This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as focusing conditionality on macro-relevant areas. In contrast, and despite the spread of collective action clauses, much remains to be done in the area of debt restructuring. In this regard, it proposes a multilateral mechanism that offers a sequence of voluntary negotiations, mediation and eventual arbitration with pre-established deadlines, similar to that used in the World Trade Organization's dispute settlement process.

Angaben zum Objekt

• ISBN: 978-92-9230-896-4
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: WIDER Working Paper ; No. 2015/011

Klassifikation und Themen

• Klassifikation: Wirtschaft ; International Monetary Arrangements and Institutions ; International Lending and Debt Problems
• Thema: IMF lending ; conditionality ; debt restructuring ; collective action clauses

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Ocampo, José Antonio
• Ereignis: Veröffentlichung
• (wer): The United Nations University World Institute for Development Economics Research (UNU-WIDER)
• (wo): Helsinki
• (wann): 2015

Weitere Informationen

• DOI: doi:10.35188/UNU-WIDER/2015/896-4
• Handle: http://hdl.handle.net/10419/126382
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ