Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending

During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.
Publication date: November 2002
ISBN: 9781451859829
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International - Economics , International - Economics , Capital Account Crises Contents , capital inflows , private capital inflows , private capital , current account , capital outflow , International Monetary Arrangements and Institutions , International Lending and Debt Problems , Economic History: Financial Markets and In

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