Global Financial Crises: Institutions and Incentives
Global Financial Crises: Institutions and Incentives
Argues that the recommendations of the Meltzer Committee report (unconditional financial support for pre-qualifying countries) would lead to an increase in financial stability.
There is a need for an effective lender of last resort and for debt restructuring systems. The use of short term debt by private creditors as a check on sovereign debtors moral hazard can lead to financial crises
The proposed precedures are compared with private sector and Paris Club arrangements
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