Sovereign-debt crises occur regularly and often violently. The recent debt crisis in Greece almost led to the collapse of the euro. Yet, there is no legally and politically recognised procedure for restructuring the debt of bankrupt sovereigns.
Revisiting sovereign bankruptcy
Lee C. Buchheit , Beatrice Weder di Mauro, Anna Gelpern, Mitu Gulati, Ugo Panizza, Jeromin Zettelmeyer, 12 November 2013
Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras
Olivier Blanchard, Florence Jaumotte, Prakash Loungani, 18 October 2013
Growth in advanced economies is gaining some speed. The IMF projects these economies will grow 2% next year, up from an expected 1.2% this year. The average unemployment rate in advanced economies is expected to inch down from its peak of 8.3% in 2010 to 8% next year. This is progress, but it is clearly not enough. The state of labour markets remains dismal for a number of reasons.
The IMF and the legacy of the euro crisis
Susan Schadler, 15 October 2013
The IMF will live with the legacy of its role in the European debt crisis for years — if not decades.
Who profits from trade-facilitation initiatives?
Bernard Hoekman, Ben Shepherd, 3 June 2013
Analyses continue to accumulate that demonstrate that the global gains from trade facilitation – understood as measures that reduce the overall costs of the international movement of goods – are potentially very large (Hufbauer et al 2012).
A pro-growth economic plan
Richard Wood, 11 May 2013
There are similarities in the nature of the economic problems facing affected economies around the world:
The 'Good Global Citizen' remit for the international community: A novel responsibility for the IMF
Biagio Bossone, Roberta Marra, 16 March 2013
A fundamental lesson from the Great Recession is that global instability is more than the sum of domestic instabilities of single countries (Borio 2011). Not only do country exposures to global factors matter a lot: those same global factors, while they are considered to be exogenous from each country, are in fact endogenous to their collective behaviour.
IMF lending and banking crises
Luca Papi, Andrea F Presbitero, Alberto Zazzaro, 25 February 2013
During the 1990s, the IMF’s lending policy has been blamed for imposing the economic recipes of the Washington Consensus on recipient countries.
The multilateral approach to capital controls
Olivier Blanchard, Jonathan D Ostry, 11 December 2012
Paul Krugman blogged a few days ago about the “surprising intellectual flexibility” of the IMF in endorsing the use of capital controls to “calm volatile cross-border flows” (Krugman 2012).
Asia’s new financial safety net: Is the Chiang Mai Initiative designed not to be used?
Hal Hill, Jayant Menon, 25 July 2012
The trauma of the 1997 Asian crisis spurred Asian nations into deeper regional cooperation. The most visible outcome was the ‘Chiang Mai Initiative’, which established a network of bilateral currency swap agreements among the region’s central banks (Henning 2009).
The IMF response to the crisis: Crisis prevention and political influence
Alberto Zazzaro, Andrea F Presbitero, 26 June 2012
In response to the global financial crisis, international financial institutions have greatly boosted their lending to developing countries to help them cope with the crisis and to sustain the economic recovery. The IMF reversed the dramatic downsizing process experienced in the first part of the new millennium and significantly increased its lending capacity.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Adelman, 28 October 2013
Reichlin, Giugliano, 7 November 2013
Holmes, McGrattan, Prescott
Beck, De Haas, Ongena
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood