Toward a Lender of First Resort /

If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "...

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Dettagli Bibliografici
Autore principale: Cohen, Daniel
Altri autori: Portes, Richard
Natura: Periodico
Lingua:English
Pubblicazione: Washington, D.C. : International Monetary Fund, 2006.
Serie:IMF Working Papers; Working Paper ; No. 2006/066
Accesso online:Full text available on IMF