International Financial Contagion and the IMF : A Theoretical Framework /
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 vuln...
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| Formato: | Periódico |
| Idioma: | English |
| Publicado em: |
Washington, D.C. :
International Monetary Fund,
2001.
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| coleção: | IMF Working Papers; Working Paper ;
No. 2001/137 |
| Acesso em linha: | Full text available on IMF |