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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| 格式: | 杂志 |
| 语言: | English |
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Washington, D.C. :
International Monetary Fund,
2001.
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| 丛编: | IMF Working Papers; Working Paper ;
No. 2001/137 |
| 在线阅读: | Full text available on IMF |