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This paper studies whether IMF programs and their size affect borrowing costs by comparing the coupon of bonds issued around an IMF arrangement. By comparing bonds issued immediately before the inset of the program with bonds issued immediately after the program, we show that, on average, the...
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This paper studies how the presence of foreign investors in local currency sovereign debt markets contributes to the transmission of global financial conditions to emerging market economies. My estimations indicate that the higher the share of local currency government bonds held by foreign...
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In this article, I review the World Bank's response to the global financial crisis that began in the fall of 2008. I … show that the World Bank significantly increased lending after the crisis began. The majority of this new lending went to … middle-income countries rather than to the poorest countries of the world. At first glance, this might seem like the Bank was …
Persistent link: https://www.econbiz.de/10013110898
The paper analyses how the IMF brought its experience gained in emerging market sovereign debt crises in the troika’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in the 2000s. We examine subsequent changes in the...
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If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing...
Persistent link: https://www.econbiz.de/10010477572