This paper considers how an international lender of last resort (LOLR) can prevent self-fulfilling banking and currency … crises in emerging economies. We compare two different arrangements: one in which the international LOLR injects liquidity … into international financial markets, and one in which its resources are used to back domestic banking safety nets. Both …

This paper highlights key issues pertinent for the understanding of international effects of domestic tax policies and … of international tax harmonization. The analytical framework adopts the saving-investment balance approach to the … analysis of international economic interdependence focusing on income, consumption, and international borrowing. A simulation …

, monetary and fiscal issues, global liquidity, and national and international economic developments …

This paper develops a simple model of an international lender of last resort (ILOLR). The world economy consists of … fragility of the banking system and the limited ability of a domestic central bank to provide international liquidity together … can cause currency and banking crises. An international interbank market can help an economy with the needed international …

be achieved. Current approaches to avoiding insolvencies generally involve international enforcement mechanisms. Among … these are the sovereign debt restructuring mechanism (SDRM), and, more generally, an international bankruptcy court. We … much enforcement capability as an international bankruptcy court, hence they would be easier to introduce. The first of …

(motivated by the opportunity to pay no tax at all on transactions with international aspects). Assessment of the severity of the …