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Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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Opposition by Developed Countries and the G-7 S. 331-336

„… Opposition by Developed Countries and the G-7 Without support by the United States significant reforms at the …” „… will be sought by developing countries and emerging economies only, policy makers in developed …” „… stability of the global financial system benefits developed and developing countries alike, the benefits for …”

Four Types of Currency Crises S. 47-52

„… market volatility4. These findings imply that for many countries—at least in the short-term—the benefits …” „… globalisation enhances economic growth in developing countries with a certain degree of stability. The data …” „… suggests that countries with a minimum level of good governance and macroeconomic stability clearly benefit …”

Governance Reform Proposals S. 275-279

„… developing countries are aligned rather than opposed. Developed and developing countries benefit alike from …” „… the risen importance of emerging markets, transition economies and less developed countries for the …” „… that future loan requests will be considered benevolently. However, the fact that developing countries …”

Access to Large-scale Liquidity Assistance S. 317-322

„… monitoring and supervisory role ideally requires universal membership. While for more developed emerging …” „… developing countries which rarely interact with international capital markets need alternative incentives to …” „… debt forgiveness under the Highly Indebted Poor Country Initiative requires low-income countries …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… , capital requirements could be reviewed and set closer to the level suitable for developed countries …” „… . 1999. “Banking Fragility, Effectiveness, and Regulation in Less-Developed Countries.” In Hunter et al …” „… regulation stems from the impact that bank failures can have on the real economy. Countries with …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… countries with sustainable levels of sovereign debt, unsustainable indebtedness increases the likelihood …” „… short-term indebtedness since high levels of short-term debt can force countries to default even if overall …” „… . 41 See George Benston. 1999. “Banking Fragility, Effectiveness, and Regulation in Less-Developed …”

Public Choice Theory S. 25-33

„… substantial and may exceed the costs of creating a regime unilaterally. Countries with less exposure to …” „… costs of financial instability make cooperation worthwhile not only for industrialised countries, but …” „… for emerging markets and developing countries alike16. The point of contention that interests or …”

Second Generation Models S. 56-58

„… , currency crises also occurred in countries, whose economy appeared sound, neither exhibiting particularly …” „… underlined that countries’ currencies can be brought down without the assumption of limited foreign exchange …” „… fundamental approach, currency crises can occur in countries with healthy economies and need not necessarily …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… Developed Countries 11.125.197 6.034.793 448.242 Europe 8.338.409 4.747.748 329.064 United States …” „… Issuers Governments Developed Countries 10.051 1.463 944 Europe 6.544 876 829 United States 2.944 …” „… developing countries and emerging economies, although monitoring and statistical work would continue to focus …”

Evaluation S. 63-66

„… , currency crises in emerging economies do often coincide with high interest rates in less risky developed …” „… countries. However, high domestic asset prices and fiscal policies do not emerge as leading indicators for …” „… dollar into gold and with it the Bretton Wood system. Being developed in the aftermath of these …”

Improved Transparency and Higher Regulatory Standards S. 68-71

„… . Very often, proposals address specific aspects of countries’ vulnerability to financial crises …” „… accordingly. While international investors would be likely to reduce the volume of loans to countries saddled …” „… individual countries meet international standards of disclosure4. At the same time it highlighted the …”

Structure of the Analysis S. 42-46

„… crises. Its primary purpose is to lay the groundwork for the analysis developed over the following …” „… collateral requirement would permanently exclude many developing countries from liquidity assistance by the …” „… countries to follow sound economic policies. A pre-qualification approach as suggested in the chapter would …”

Voting Power at the IMF S. 264-275

„… economies and less developed countries are not fully aligned such efforts are likely to fail. In doubt, a …” „… developing countries are aligned rather than opposed. Developed and developing countries benefit alike from …” „… , power scores calculated for individual member countries are very similar and lead to identical results …”

Governance Reform and Pre-qualification S. 281-282

„… economies, less developed countries, and transition economies should decline. …” „… time, both countries’ share was 57 percent above the quota suggested by the formula, while France …” „… , the reluctance of industrialised countries to embrace a reform of IMF governance rests primarily on …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… 233 these countries. In addition the anticipation of crisis lending may decrease the domestic …” „… of IMF lending unambiguously increases the welfare of recipient countries at no cost to the rest of …” „… of IMF intervention have developed only after the Mexican Crisis, he identifies the period before …”

The Lacking Clout of Developing Economies S. 336-337

„… problems of coalition building and international cooperation apply to developed and developing countries …” „… 336 13.1.2 The Lacking Clout of Developing Economies The majority of developing countries and …” „… of last resort. Only for countries of high strategic importance to the United States and its G-7 …”

Empirical Evidence S. 62-63

„… emerging economies do often coincide with high interest rates in less risky developed countries. However …” „… dollar into gold and with it the Bretton Wood system. Being developed in the aftermath of these …” „… conference “Coping with Financial Crises in Developing and Transition Countries: Regulatory and Supervisory …”

Transition Period S. 328-330

„… of developing countries would meet all pre-qualification requirements to advanced membership at a …” „… a reasonable time frame to allow countries adapting to the new requirements. During this period …” „… , countries could initiate the policy reforms necessary in order to meet the conditions required to gain …”

Lessons of 1907 S. 123-124

„… actors which began to cooperate only after the panic had developed into a liquidity crisis threatening …” „… Reserve System was yet to be founded, when panic developed there was no institution with clear …” „… convertible currency. By 1958 currencies of most major industrial countries became fully convertible in gold …”

The Meltzer Report S. 84-86

„… financial position timely and accurately. As the majority of developed countries already report to the OECD …” „… the global financial system, to enhance the functioning of markets and to assist countries in pursuing …” „… resort. In this role it would provide short-term emergency loans to fundamentally healthy countries …”

Enhancing Access to Foreign Currency S. 90-92

„… they have developed, requires access to sufficient amounts of liquidity. The role of a lender of last …” „… countries the central bank acts as lender of last resort for its own economy. Given its ability to issue …” „… money, it can access almost unlimited amounts of currency. While in industrialised countries financial …”

An International Credit Insurance S. 71-72

„… loose attractiveness for borrowing countries. In case of default, insured loans would be fully repaid by …” „… level encouraging capital flows to developing countries at little interest cost. More importantly, the …” „… countries directly via a fee payable at the time of issuance8. Despite its initial suggestiveness, the …”

Creditor Country Interests S. 255-259

„… 255 importance to global financial stability, its debt owed to industrial countries’ commercial …” „… commercial banks and other private financial institutions investing in developing countries the Fund’s …” „… . Notwithstanding moral hazard effects in borrowing countries, international liquidity assistance allows private …”

General Membership S. 315-317

„… General Membership General membership at the IMF would require countries to meet two conditions in …” „… would require countries to both subscribe and adhere to standards of transparency and data dissemination …” „… to the public for countries seeking access to international capital markets. It identifies four …”

The Report by the Independent Task Force S. 80-84

„… accurately. As the majority of developed countries already report to the OECD and discuss financial sector …” „… currency; loans would be collateralized by the same countries’ government bonds since all contributions to …” „… banks would support developing countries in modernizing their banking systems and enable them to meet …”

Regional Monetary Cooperation S. 337-341

„… international cooperation apply to developed and developing countries alike and there is no shortage of examples …” „… 337 reluctant to join coalitions that pursue agendas opposed by countries with the ability to grant …” „… of failed cooperation efforts among industrial countries; however, regarding the problem of global …”

The Fund’s Record as Crisis Manger S. 113-116

„… became a financially attractive source of capital for emerging market countries despite the need to …” „… negotiate a stability program. Demand for IMF loans is thus not limited to countries in severe liquidity …” „… problems, but comes from all countries willing to accept a certain level of interference in their economy …”

The Tobin Tax S. 72-74

„… 72 work along the lines of the debt sustainability framework developed by IMF and IDA could address …” „… flows to developing countries is questionable. As suggested by Jeffrey Frankel, higher capital flows …” „… countries’ ability to borrow without increasing the debt service portion of revenues to unsustainable levels …”

Liquidity Gaps in the Past S. 166-170

„… larger and more developed emerging economies, a subset of the around 50 countries that have been able to …” „… reserves excluding gold held by developing countries and emerging economies amounted to over USD 2400 …” „… countries with access to international capital markets hold currency reserves worth over USD 1700 billion …”

Collateralising Equity S. 181-188

„… 181 7.2.2 Collateralising Equity Another financial asset to be pledged as collateral by countries …” „… also attractive for the governments of less developed economies themselves: Apart from reasons of …” „… state-owned industry holdings. Nevertheless, in some countries specific industries remain in state ownership …”

Henry Thornton (1760–1815) S. 92-98

„… economies only. Many developing countries have only limited access to international capital markets and lack …” „… assets suitable as collateral to negotiate credit lines with commercial banks. For these countries …” „… co-operative approach to the problem: Pooling international currency reserves can provide countries in …”

Introduction S. 15-20

„… financial integration ever since2. Moreover, while only few selected countries and industry sectors …” „… participated in the international monetary system in the past, today a vast number of developing countries and …” „… developing countries, it has led a substantial loss in stability. The liberalisation of capital flows …”

Principles for Effective Liquidity Assistance S. 311-313

„… blueprint for a restructured IMF presented below draws on the arguments developed in chapters 2 to 11. While …” „… prove futile as inevitable limits on IMF funding would render countries’ commitment to specific currency …” „… financial information on smaller lowincome countries in-house are generally prohibitively high. Moreover …”

Financial Assets S. 176-181

„… private banks, this focus is not surprising. An international lender of last resort dealing with countries …” „… short-term liquidity support to countries’ central banks. Indeed, a year before the Meltzer Report was …” „… prime asset to pledge as collateral, countries facing liquidity problems and applying for emergency …”

Theoretical Considerations S. 104-107

„… when reserves are limited. As debt structures of developed economies have longer maturities than those …” „… in developing countries, short-term liquidity problems are likely to remain an exception rather than …” „… countries that print other countries’ currency. Foreign currency denominated debt service obligations must …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ............................................................................. 332 13.1.1 Opposition by Developed Countries and the G-7 ..................................... 332 …” „… 10.1.1 Interests of Borrowing Countries ............................................................. 254 …” „… ..................................................... 272 10.2.2.4 The Power of Industrialised and Developing Countries at the IMF ......... 273 10.3 The …”

Securitisation of Future Flow Receivables S. 188-199

„… to international capital25. The practice of securitisation was developed during the 1970s when home …” „… similar procedure applies when countries securitise future flow receivables to provide collateral for …” „… arrangements between both countries. The Medium-Term Exchange Stabilization Agreement detailed terms and …”

Bibliography S. 347-374

„… Benston, George. 1999. “Banking Fragility, Effectiveness, and Regulation in Less-Developed Countries.” In …” „… IMF-supported Stabilization Programs in Developing Countries.” Journal of International Money and Finance 21 …” „… : Analysis and Applications. Boston, MA: Irvin IDA and IMF. 2004. Debt Sustainability in Low-Income Countries …”

Financial Market Theory S. 33-42

„… problems at the IMF, member countries represented by their executive directors are modelled as agents …” „… informational cascades set off research in the field of rational herding. The canonical models were developed in …” „… lay the groundwork for the analysis developed over the following chapters. Chapter 3 provides a short …”

doi.org/10.5771/9783845201122

Rolf Funck, Werner Rothengatter - Man, Environment, Space and Time - Economic Interactions in Four Dimensions

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Rolf Funck (ed.), Werner Rothengatter (ed.)

Man, Environment, Space and Time - Economic Interactions in Four Dimensions

Series: Karlsruher Beiträge zur wirtschaftspolitischen Forschung - Karlsruhe Papers in Economic Policy Research

Volume 34 2014

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Daniela-Luminita Constantin The Municipal Real Properties and the New Public Management: Lessons for Central and Eastern Europe from the Developed Countries' Experience S. 147-158

„… Europe from the Developed Countries' Experience Prof. Dr. Daniela-Luminita Constantin, Bucharest …” „… encountered in various countries. As mentioned before, the developed countries’ experience in this field is …” „… proposes an inquiry into the experience of developed countries in the field of MRP management from a …”

Ulrich Blum Path Dependency and Transition Processes S. 473-492

„… with. Only a few “beacons” have developed, particularly in the historic industrial belt of Germany …” „… outside, especially from foreign countries (NELSON 1993; LUNDVALL 1992). Technological potentials also …” „… ; OLSON 1995). • Areas that seem to be the most developed, such as cities like Berlin, exhibit the …”

Kay Mitusch, Gernot Liedtke, Laurent Guihery, David Bälz The Structure of Freight Flows in Europe and its Implications for EU Railway Freight Policy S. 283-318

„… , some policy recommendations aimed mainly at EU policy makers are developed. It is well known that …” „… Europe, many countries are relatively small compared to such distances, so that national railway freight …” „… transport is on the edge of profitability in several countries. Thus, it appears to be a perfect idea to …”

Werner Rothengatter Large-scale Transportation Projects: Wider Economic Impacts and Long-run Dynamics S. 319-344

„… schemes have been developed and applied in many countries and revisions have been performed from time to …” „… of 258 projects from 20 countries with the main findings: • The costs were underestimated for 90% of …” „… Avoiding appraisal bias and considering risk/uncertainty The path of project approval is in many countries …”

Riccardo Cappellin Growth in Post-industrial Cities: An Endogenous Model S. 505-524

„… and supply. In developed countries like those of Europe, there are numerous economic needs and …” „… countries is determined by the fall of the internal demand, of consumption and especially of investments …” „… regions and countries. That Growth in Post-industrial Cities: An Endogenous Model 513 makes the economic …”

Ryszard Domański Development Code of a Regional Economic System. An Empirical Test of Dendrinos' Hypothesis S. 453-472

„… developed regions to the group of more advanced ones that show an increase in their per capita GDP combined …” „… portrait in which the domains of motion of metropolitan areas belonging to more or less advanced countries …” „… poorly developed regions and mass population inflows to large agglomerations, especially if the inflows …”

Titelei/Inhaltsverzeichnis S. 1-12

„… and the New Public Management: Lessons for Central and Eastern Europe from the Developed Countries …” „… historical roots of spatial economics, as developed by Launhardt, von Thünen and Weber, he uses the Lösch’s …”

Rolf Funck Art and Technology Interaction – Founding the Karlsruhe Center for Art and Media Technology S. 37-78

„… , developed first basic concepts for the creation of an institution where artistic production, research …” „… developed for directing the military engagements of the allied troops during the war, and was now made more …” „… vibration, is to be developed into a purely computer generated procedure, in order to make it available for …”

Jan S. Kowalski, Mirja Meyborg Spatial Aspects of Network-building in Publishing Activities of German Universities S. 255-282

„… most other developed countries which does not try to intensify information density, cultural intensity …” „… concepts developed and at least partly applied in real Swedish urban and regional planning inspired at that …” „… absolute numbers and simultaneously points to the extensive self-developed data set in this regard: Figure …”

Pan Haixiao, Jian Haiyun China Urban Landcape Transforming in the Past Thirty Years S. 345-376

„… decentralized rural urbanization, a large number of small sized cities developed rapidly during that time. In …” „… countries or regions, improving the level of regional economic integration and cooperation. The third level …” „… core and attract or radiate surrounding cities and regions with the well-developed transport …”

Antonio Musso, Maria Vittoria Corazza Car Sharing In Rome: Built Environment, Management, Research and Innovation S. 117-144

„… countries across the world, with about “1,788,000 members sharing approximately 43,550 vehicles” (TSRC 2013 …” „… services and regulations; it is not surprising, then, that in many European countries CS started initially …” „… “Sapienza” University of Rome, which developed a specific expansion plan. Both phases started more or less …”

Tim Deeken, Ingrid Ott Integration as a Spatial Institution: Implications for Agglomeration and Growth S. 413-450

„… the values across time and countries. 10 The New Maddison Project Database provides information on …” „… the economic performance of countries and geographic regions from the year 1 onwards (at least for a …” „… subset of countries). The selected regions were chosen to allow for an immediate comparison to Figure 1 …”

Roger Vickerman The Impact of High-speed Rail on the European Space S. 395-412

„… , invalid (SACTRA, 1999; Venables, 2007). A large literature has developed into the relationship between …” „… may be a constraint on growth it is not necessarily the binding constraint in many less developed …” „… detailed econometric approach developed by Graham and focuses on the possible impact of improved …”

Dieter Bökermann Erosion in Regional Structures S. 493-504

„… increasingly concentrated in urban agglomerations. On the global scale, the developing countries become …” „… the least developed regions in their territories governments should guarantee a minimum standard of …”

Werner Rothengatter Some Fundamentals on the Social Rate of Discount S. 525-544

„… , that in some countries socalled opportunity costs of public funds are introduced into the calculus …” „… (consumption side) and the social rate of opportunity costs (production side). The developed intergenerational …”

Marc Gaudry, Émile Quinet Correlation within SNCF Administrative Regions among Track Segment Maintenance Cost Equation Residuals of a Countrywide Model S. 207-254

„… eye for its optimal pricing implications, especially in countries where the marginal cost pricing …” „… (DEA). DEA was developed to analyze the relative efficiency of a Decision Making Unit (DMU), by …” „… (2003) developed a gradual improvement model for an inefficient DMU. This Context-Dependent (CD) DEA has …”

doi.org/10.5771/9783845260440

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VRÜ Verfassung und Recht in Übersee

Browse Volumes: VRÜ Verfassung und Recht in Übersee

VRÜ | WCL Volume 20 (1987) Issue 1 ISSN Online: 2941-9603

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Wolfgang Benedek The Participation of Africa in the General Agreement on Tariffs and Trade (GATT) S. 45-58

„… which has developed from a forum of tariff negotiations of a few countries into an organization for …” „… earn ings of the less developed countries« . 1 8 The objective of expansion of trade of developing …” „… the trade and development of less developed countries . 20 Furthermore, a Committee on the Legal and …”

Richard N. Kiwanuka Some Reflections on the Problems of Human Rights Education in Africa S. 81-97

„… rights education would promote national identity, lead to rejection of dependency on developed countries …” „… developed countries still provide the easy short-term solution to our man power problems, we should …” „… institutions and personnel from the developed countries. This dependence postpones the development of an …”

M.L. Marasinghe Regional Economic Co-Operation in Developing Countries S. 5-43

„… countries could be developed and encou raged ; (c) to make proper and detailed investigation as to the …” „… Regional Economic Co-operation in Developing Countries By M. L. Marasinghe I. Historical …” „… and employ foreign experts, and to encourage co-operation with other countries in such manner as not …”

Eva-Maria Schaarschmidt-Kohl Die gesetzliche Absicherung der technokratischen Militärherrschaft in Indonesien S. 71-80

„… developed countries. This dependence postpones the development of an indigenous approach to human rights …”

doi.org/10.5771/0506-7286-1987-1

ZSE Zeitschrift für Staats- und Europawissenschaften | Journal for Comparative Government and European Policy

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ZSE Zeitschrift für Staats- und Europawissenschaften | Journal for Comparative Government and European Policy

Browse Volumes: ZSE Zeitschrift für Staats- und Europawissenschaften | Journal for Comparative Government and European Policy

ZSE Volume 2 (2004) Issue 1 ISSN Online: 1610-7780

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Bengt Jacobsson, Per Lægreid, Ove K. Pedersen Robust and Flexible States: the Transnationalisation of Nordic Central Administration S. 32-55

„… between parties are relatively small. These countries share the samewell-developed all-embracing welfare …” „… and administrative leaders, and within the publicsector. These countries have developed forms of …” „… , op. cit., ????.1. Similarities within the Nordic CountriesWe will sum up the general profile of the …”

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VRÜ Verfassung und Recht in Übersee

Browse Volumes: VRÜ Verfassung und Recht in Übersee

VRÜ | WCL Volume 17 (1984) Issue 4 ISSN Online: 2941-9603

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E.U. Petersmann The Changing Structure of International Economic Law. On a Recent Book by P. VerLoren van Themaat S. 503-522

„… countries and Less Developed Countries (LDCs)? To wh at extent can the achievement of an economic and …” „… = Less Developed Country; MTN = Multilateral Trade Negotiations 1 973- 1 979; NIEO = New International …” „… convergence between more than 1 70 countries of at least three main types: the OECD countries, the communist …”

Wolfgang Senftleben Swaziland´s Proposed Land Deal With South Africa – The Case of Ingwavuma and Kangwane S. 493-501

„… Kosi Bay, just below Mozambique. The principal benefits for both countries are only too obvious: For …” „… geopolitical unique ca se unprecidented in world history. For the first time two countries are willing to …” „… created an empire or developed a clear territoriality. They were constantly vulnerable to attacks from …”

Carlos J. Moneta The Malvinas Conflict: Some Elements for an Analysis of the Argentinian Military Regime´s Decision-Making Process (1976-1983) S. 457-473

„… elements of military culture: their dependence on the more developed western countries for reasons of …” „… intensification of co-operative relations with the deve10ping countries. Nevertheless, following a line of basic …” „… the western industrialized countries . Emphasizing its eharaeter of » ern erging intermediate power …”

doi.org/10.5771/0506-7286-1984-4

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