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|z 9781451855913
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Clark, Peter.
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|a International Financial Contagion and the IMF :
|b A Theoretical Framework /
|c Peter Clark, Haizhou Huang.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2001.
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|a 1 online resource (31 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We provide a model of contagion where countries borrow or lend for consumption smoothing at the market interest rate or a lower IMF rate. Highly indebted countries hit by large negative shocks to output will default. The resulting reduction in loanable funds raises interest rates, increases the vulnerability of other indebted countries, and can generate further rounds of defaults. In this environment the IMF can limit default and internalize the externality generated by contagion through its lending with conditionality. We characterize the IMF's optimal lending decision in mitigating the loss in world consumption.
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|a Mode of access: Internet
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|a Huang, Haizhou.
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|a IMF Working Papers; Working Paper ;
|v No. 2001/137
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2001/137/001.2001.issue-137-en.xml
|z IMF e-Library
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