Dealing with Systemic Sovereign Debt Crises: Fiscal Consolidation, Bail-ins or Official Transfers?
The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides lending to the country up to its borrowing capa...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
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| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 223
|
| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides lending to the country up to its borrowing capacity, IFIs face the difficult issue of how to address the remaining financing needs with a combination of fiscal consolidation, bail-ins and possibly official transfers. To maximize social welfare, IFIs should differentiate the policy mix depending on the strength of spillovers. In particular, stronger spillovers call for smaller bail-ins and greater fiscal consolidation. Furthermore, to avoid requiring excessive fiscal consolidation, IFIs should provide highly systemic countries with official transfers. To limit the moral hazard consequences of transfers, it is important that IFIs operate under a predetermined crisis-resolution framework that ensures commitment |
| Beschreibung: | Description based upon print version of record |
| Beschreibung: | 1 Online-Ressource (43 p) |
| ISBN: | 1513569244 9781513569246 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:48Z |
| institution | BVB |
| isbn | 1513569244 9781513569246 |
| language | English |
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| oclc_num | 1337123597 |
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| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 223 |
| spelling | Sandri, Damiano Verfasser aut Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? Sandri, Damiano Washington, D.C International Monetary Fund 2015 1 Online-Ressource (43 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 223 Description based upon print version of record The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides lending to the country up to its borrowing capacity, IFIs face the difficult issue of how to address the remaining financing needs with a combination of fiscal consolidation, bail-ins and possibly official transfers. To maximize social welfare, IFIs should differentiate the policy mix depending on the strength of spillovers. In particular, stronger spillovers call for smaller bail-ins and greater fiscal consolidation. Furthermore, to avoid requiring excessive fiscal consolidation, IFIs should provide highly systemic countries with official transfers. To limit the moral hazard consequences of transfers, it is important that IFIs operate under a predetermined crisis-resolution framework that ensures commitment Online-Ausg Electronic books http://www.elibrary.imf.org/view/IMF001/22892-9781513569246/22892-9781513569246/22892-9781513569246.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Sandri, Damiano Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? |
| title | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? |
| title_auth | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? |
| title_exact_search | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? |
| title_exact_search_txtP | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? |
| title_full | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? Sandri, Damiano |
| title_fullStr | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? Sandri, Damiano |
| title_full_unstemmed | Dealing with Systemic Sovereign Debt Crises Fiscal Consolidation, Bail-ins or Official Transfers? Sandri, Damiano |
| title_short | Dealing with Systemic Sovereign Debt Crises |
| title_sort | dealing with systemic sovereign debt crises fiscal consolidation bail ins or official transfers |
| title_sub | Fiscal Consolidation, Bail-ins or Official Transfers? |
| url | http://www.elibrary.imf.org/view/IMF001/22892-9781513569246/22892-9781513569246/22892-9781513569246.xml |
| work_keys_str_mv | AT sandridamiano dealingwithsystemicsovereigndebtcrisesfiscalconsolidationbailinsorofficialtransfers |