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| Tekijä: | Bordo, M. D. Schwartz, A. J. |
| Otsikko: | Under what circumstances, past and present, have international rescues of countries in financial distress been successful ? |
| Lehti: | Journal of International Money and Finance
1999 : AUG, VOL. 18:4, p. 683-708 |
| Asiasana: | Financial crises Currency Banking Loans Monetary policy Moral hazard |
| Kieli: | eng |
| Tiivistelmä: | Recent events in Asia and other parts of the globe have prompted calls from many quarters for international rescue of the monetary or fiscal authorities in distressed countries. In this paper, it is contrasted the experience of rescues of monetary authorities before 1973 of advanced countries temporarily short of liquidity with recent experience of bailouts. International rescues in the past have involved relatively small amounts of money, sufficient to stave off devaluation or abandonment of a fixed exchange rate while remedial policies were put in place. This paper documents past rescues, whether successful or unsuccessful, by monetary regimes, and shows what is different today from past experience. |
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