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Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending
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Author/Editor: |
Cottarelli, Carlo | Giannini, Curzio |
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November 1, 2002 |
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Electronic Access: |
Free Full Text (PDF file size is 1,999KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.
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Series: |
Working Paper No. 02/193 |
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Subject(s): |
Fund | Capital markets | Financial crisis | Lending commitments by Fund |
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Author's keyword(s): |
International Monetary Fund | Lender of Last Resort | Capital-account Crises |
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Published: |
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November 1, 2002 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA1932002 |
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Pages: |
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50 |
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Price: |
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US$15.00
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