The IMF in a World of Private Capital Markets /

The IMF in a World of Private Capital Markets /

The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while...

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Autor principal: Mody, Ashoka
Altres autors: Eichengreen, Barry, Kletzer, Kenneth
Format: Revista
Idioma:English
Publicat: Washington, D.C. : International Monetary Fund, 2005.
Col·lecció:IMF Working Papers; Working Paper ; No. 2005/084
Accés en línia:Full text available on IMF
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245 1 4 |a The IMF in a World of Private Capital Markets /  |c Ashoka Mody, Barry Eichengreen, Kenneth Kletzer. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2005. 
300 |a 1 online resource (34 pages) 
490 1 |a IMF Working Papers 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
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520 3 |a The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds are lower when they are issued in conjunction with IMF-supported programs, as if the existence of a program conveyed positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries vulnerable to liquidity crises. 
538 |a Mode of access: Internet 
700 1 |a Eichengreen, Barry. 
700 1 |a Kletzer, Kenneth. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2005/084 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2005/084/001.2005.issue-084-en.xml  |z IMF e-Library 

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