Private Sector Involvement and International Financial Crises: An Analytical Perspective
Michael Chui and Prasanna Gai
Abstract
This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the origin and management of crises by relating the insights of the new literature on global games to earlier work on currency crises, bank runs, and sovereign debt default. It draws on recent research and policy work to examine the debate on the design of sovereign bankruptcy procedures, the role of the IMF in influencing the actions of creditors and debtors, and the role of private sector involvement in t ... More
This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the origin and management of crises by relating the insights of the new literature on global games to earlier work on currency crises, bank runs, and sovereign debt default. It draws on recent research and policy work to examine the debate on the design of sovereign bankruptcy procedures, the role of the IMF in influencing the actions of creditors and debtors, and the role of private sector involvement in the management of financial crises.
Keywords:
coordination problems,
currency crises,
financial crises,
global games,
IMF,
international financial architecture,
private sector involvement,
sovereign bankruptcy procedures,
sovereign debt
Bibliographic Information
| Print publication date: 2005 |
Print ISBN-13: 9780199267750 |
| Published to Oxford Scholarship Online: July 2005 |
DOI:10.1093/0199267758.001.0001 |
Authors
Affiliations are at time of print publication.
Michael Chui, author
Hong Kong Monetary Authority
Prasanna Gai, author
Australian National University and Bank of England
Author Webpage
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