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Rescue Packages and Output Losses Following Crises / Michael P. Dooley, Sujata Verma.
- Format:
- Book
- Author/Creator:
- Dooley, Michael P.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8315.
- NBER working paper series no. w8315
- Language:
- English
- Subjects (All):
- Economic assistance.
- Financial crises.
- Debt relief.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Cambridge, Massachusetts : National Bureau of Economic Research, 2001.
- Summary:
- This paper examines the role of the third party (the IMF) in resolving sovereign default on external debt. We first show that the effects of third party intervention in debt negotiations are quite sensitive to the assumed enforcement mechanism for sovereign debt. The model is then adapted to an insurance crisis. The main result is that the unanticipated component of third party intervention can either intensify or mitigate the dead weight loss following default.
- Notes:
- Print version record
- June 2001.
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