| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11198 |
| 来源ID | Working Paper 11198 |
| The IMF in a World of Private Capital Markets | |
| Barry Eichengreen; Kenneth Kletzer; Ashoka Mody | |
| 发表日期 | 2005-03-14 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | The IMF attempts to 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. |
| 主题 | International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w11198 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568835 |
| 推荐引用方式 GB/T 7714 | Barry Eichengreen,Kenneth Kletzer,Ashoka Mody. The IMF in a World of Private Capital Markets. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11198.pdf（219KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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