Sources of Vulnerability in Emerging-Market Crises
32
(20)
Interpreting Recent Crises
52
(18)
Conclusions
70
(3)
3 Analytical Literature on Crisis Resolution
73
(46)
Four Approaches to Crisis Resolution
76
(3)
Crisis Resolution in IMF's Absence
79
(14)
IMF, Crises of Creditor Coordination, and Moral Hazard
93
(15)
Do Partial Bailouts Ever Work?
108
(6)
Policy Implications and Suggestions for Further Research
114
(5)
4 Experience with Bailouts and Bail-ins
119
(62)
Experience with Official Financing
121
(18)
Experience with Bail-in Policies: Rollover Arrangements and Debt Exchanges
139
(21)
Lessons for the Official Sector
160
(6)
Lessons from Bond Restructurings
166
(8)
Lessons from Restructuring of Bank Claims
174
(4)
Conclusions
178
(3)
5 Official Policy Toward Crisis Resolution
181
(26)
Reaction to Mexico's Bailout
183
(3)
Reform of the International Financial Architecture
186
(5)
The Debate Fractures
191
(8)
A New Administration, a New Policy?
199
(4)
Conclusions
203
(4)
6 Responding to Liquidity Shortages
207
(42)
When Is Official Liquidity Support Warranted?
208
(11)
Are Targeted Debt Reschedulings Inequitable?
219
(1)
Risks of Gradual Escalation
220
(1)
Case for Pragmatism
220
(1)
Private-Sector Financial Difficulties
221
(9)
Alternative Approaches to Liquidity Crises
230
(17)
What Is the Right Policy?
247
(2)
7 Seniority of Sovereign Debts
249
(40)
Relative Treatment of Different Sovereign Claims
251
(12)
Domestic Versus External Debt
263
(14)
Arguments in Favor of a Formal Debt Seniority Regime
277
(8)
Conclusion
285
(4)
8 Legal Reform
289
(46)
Potential Obstacles to Sovereign Debt Restructuring
291
(17)
Approaches to Legal Reform
308
(18)
Codes and Committees
326
(6)
Assessing Reform Proposals
332
(2)
Conclusion
334
(1)
9 Recommendations for Reform
335
(44)
"Hardware" Largely in Place
338
(13)
Problems with Crisis Resolution "Software"
351
(14)
Moving from Problems to Solutions
365
(11)
Conclusion
376
(3)
Appendix A Tables
379
(12)
References
391
(16)
Glossary
407
(8)
Index
415
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