Resolution of balance of payments crises: Emergency financing and debt workouts

José Antonio Ocampo

No wp-2015-011, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as focusing conditionality on macro-relevant areas. In contrast, and despite the spread of collective action clauses, much remains to be done in the area of debt restructuring.

Keywords: Balance of payments; Debt relief; International agencies (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

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