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Bail Out Or Work Out?

其他書名	Theoretical Considerations
出版	Bank of England, 2004
URL	http://books.google.com.hk/books?id=f6jqSgAACAAJ&hl=&source=gbs_api

註釋This paper assesses various crisis resolution proposals using a theoretical model of (liquidity and solvency) crisis. The model suggests that payments standstills and last-resort lending are equally efficient means of dealing with liquidity crises, while coordinated lending through creditor committees is second best. Debt write-downs are preferred to subsidised IMF financing when dealing with solvency crises, because of the negative moral hazard implications of the latter tool. Finally, the model suggests that international bankruptcy court proposals may be superior to existing contractual approaches in securing such write-downs.