of the IMF in light of the past experience in preventing currency crises and a systemic breakdown of the world …'s financial system and points out necessary IMF reforms. It discusses how the IMF should adjust to the structural changes in the …

shows an average performance, the situation of Brazil is uncertain: the debt situation remains risky and short-term interest …

The paper analyzes how the next financial crisis can be prevented and which role the IMF should play. The paper …. The size of operation of the IMF creates a moral hazard problem. The IMF should credibly announce the ex-post rules for … institutional design for dealing with private and sovereign debt analogous to national bankruptcy rules has to be developed. …

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross … comprehensive long-run dataset of official international lending, covering 230,000 loans, grants and guarantees extended by … large, easily surpassing the scale of total international bailout lending after the 2008 crash. During peacetime …

Sovereign governments owe debt to many foreign creditors and can choose which creditors to favor when making payments …. This paper documents the de facto seniority structure of sovereign debt using new data on defaults (missed payments or … arrears) and creditor losses in debt restructuring (haircuts). We overturn conventional wisdom by showing that official …