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This paper follows up on the Executive Board's December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism
Persistent link: https://www.econbiz.de/10014409727
The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for...
Persistent link: https://www.econbiz.de/10011245227
To test the role of bank lending in transmitting currency crisis we examine a panel of BIS data on bank flows to 30 … emerging markets disaggregated by 11 banking centers. We find that bank exposures to a crisis country help predict bank flows …
Persistent link: https://www.econbiz.de/10005599548
This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the...
Persistent link: https://www.econbiz.de/10005605076
Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "creditless", and average growth during these episodes is about a third lower than...
Persistent link: https://www.econbiz.de/10008876578
This staff report discusses Seychelles 2013 Article IV Consultation, Seventh Review Under the Extended Arrangement and Request for Modification of Performance Criterion. The repayment of domestic debt, a preference for foreign financing, and shallow domestic financial markets have resulted in...
Persistent link: https://www.econbiz.de/10011242473
central bank management, strengthening competition and risk management, and reducing the role of the state in the financial …
Persistent link: https://www.econbiz.de/10011242936
Mercosur? The objective of this paper is to answer this question by analyzing changes in bank behavior after crises in the … literature-to post-crisis bank behavior. Using a panel dataset of commercial banks during the period 1990-2006, we analyze the … impact of crises on four sets of financial indicators of bank behavior-profitability, maturity preference, credit supply, and …
Persistent link: https://www.econbiz.de/10008561078
Dominica has faced two major challenges during the past two decades: weak competitiveness and low potential growth. In addition to these economic challenges, the country has been facing frequent natural disasters. Growth is expected to pick up gradually. The financial system is highly liquid but...
Persistent link: https://www.econbiz.de/10011244551
Persistent link: https://www.econbiz.de/10004777019