| Description |
1 online resource (29 pages) |
| Series |
IMF working paper, 2227-8885 ; WP/04/70 |
|
IMF working paper ; WP/04/70.
|
| Contents |
Contents -- I. INTRODUCTION -- II. THE MODEL -- III. DATA AND EXPLANATORY VARIABLES -- IV. ECONOMETRIC ISSUES AND RESULTS -- V. MORAL HAZARD AND INTERNATIONAL BAILOUTS -- VI. CONCLUSIONS -- References |
| Summary |
This paper tests empirically the theoretical prediction that the country premium paid by emerging economies on sovereign debt increases with the amount of debt up to a certain critical level, above which the supply of foreign funds becomes fixed. The results confirm this theoretical prediction. The approach developed in the paper is also used to test for the presence of moral hazard in international lending. The results indicate significant changes in the supply of funds curve consistent with the presence of moral hazard in the period immediately following the Mexican rescue operation, but not after the Russian non-bailout |
| Bibliography |
Includes bibliographical references (pages 26-29) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
|
English |
|
Print version record |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Loans, Foreign -- Developing countries.
|
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Debts, External -- Developing countries
|
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Capital movements.
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Moral hazard.
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Capital movements
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Debts, External
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Loans, Foreign
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Moral hazard
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Developing countries
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| Form |
Electronic book
|
| Author |
IMF Institute.
|
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International Monetary Fund.
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| ISBN |
1281398306 |
|
9781281398307 |
|
9781451895704 |
|
1451895704 |
|
1462319726 |
|
9781462319725 |
|
1452797684 |
|
9781452797687 |
|
9786613780133 |
|
6613780138 |
|
