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The IMF in a World of Private Capital Markets
Barry J. Eichengreen
Ashoka Mody
Kenneth Kletzer
出版
International Monetary Fund
, 2005-04
主題
Business & Economics / General
Business & Economics / Banks & Banking
Business & Economics / Finance / General
Business & Economics / Investments & Securities / Bonds
Business & Economics / Money & Monetary Policy
Business & Economics / Industries / Financial Services
ISBN
1451861036
9781451861037
URL
http://books.google.com.hk/books?id=JEqyAAAAIAAJ&hl=&source=gbs_api
註釋
The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds are lower when they are issued in conjunction with IMF-supported programs, as if the existence of a program conveyed positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries vulnerable to liquidity crises.