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Private Sector Involvement and International Financial CrisesAn Analytical Perspective$
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Michael Chui and Prasanna Gai

Print publication date: 2005

Print ISBN-13: 9780199267750

Published to Oxford Scholarship Online: July 2005

DOI: 10.1093/0199267758.001.0001

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Private Sector Involvement and International Financial Crises

Michael Chui

Prasanna Gai (Contributor Webpage)

Oxford University Press

Explores the circumstances under which the imposition of statutory debt restructuring mechanisms and/or debt standstills can trigger a ‘rush for the exits’ by creditors. Given the possibility of such creditor pre-emption, it also examines how the IMF and the official sector can galvanize private sector involvement by providing ‘catalytic finance’. Concludes with an empirical assessment of the extent of debtor moral hazard—the main reason cited against the adoption of a statutory approach to crisis management.

Keywords:   catalytic finance, creditor pre-emption, debtor moral hazard, IMF, private sector involvement, rush for exits, sovereign debt restructuring mechanism

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