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- 1 July 2005
- OCCASIONAL PAPER SERIES - No. 32Managing financial crises in emerging market economies - experience with the involvement of private sector creditorsDetails
- Financial crises in emerging market economies are often accompanied by difficulties of the sovereign to honour its contractual obligations. The official sector may reduce the likelihood of a disorderly outcome by extending financial assistance but there are limits to official sector involvement, not least because the potential volume of IMF lending is small compared to private capital flows and because a large "bail out" by the official sector would lead to moral hazard. For both these reasons - limited official funds and moral hazard - private sector creditors need to share some of the financial burden and thereby actively get involved in the management of financial crises in emerging market economies. The purpose of this report is to review the instruments that may promote such private creditor involvement as well as to provide a stock-taking of past experience and identify areas of possible improvement to the framework for crisis resolution.
- JEL Code
- F33 : International Economics→International Finance→International Monetary Arrangements and Institutions
F34 : International Economics→International Finance→International Lending and Debt Problems
- 6 November 2019
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 7, 2019Details
- This article provides a review of the global trends in central banks’ foreign currency reserve holdings in terms of their size, adequacy and composition, before examining the ECB’s foreign currency reserves and how these reserves are managed.
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
F31 : International Economics→International Finance→Foreign Exchange
F55 : International Economics→International Relations, National Security, and International Political Economy→International Institutional Arrangements
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
Q02 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Global Commodity Markets