Marginal Utilization of Debt (hereafter, MUD) comes from the seminal work of Myers (1984), Myers and Majluf (1984) and Shyam … measure that reflects conditions in both debt and equity markets. It varies enormously across nations; from 0.23 in Australia … special‐purpose measures of debt and equity market advancement from the financial development literature. Richer, more …

plan of last resort for resolving the present EMU sovereign-debt crisis. The key ingredients of our proposal involve a …

If Greece's debt is unsustainable, and most observers (including the IMF) seem to think it is, the country's only … is how to facilitate Greece's ability to tap the private capital markets at tolerable interest rates. The IMF's answer …

measures were taken that damaged the interests of investors; the debt relief that was demanded bore little relation to the …

adverse turn, serious consideration ought to be given to doing a major debt restructuring with the cooperation and support of … the International Monetary Fund (IMF). Finally, in section VI, Goldstein draws some implications of these debt issues for … emerging economies, that the Fund has to adopt a tougher position in making debt sustainability a key condition for IMF lending …

action to counter an unsustainable debt path. Collective action clauses, the sovereign debt restructuring mechanism, and … ceilings on IMF loans, are all necessary components of a new and better crisis resolution framework. …