 | Sovereign Debt Structure for Crisis Prevention Author/Editor: Eduardo Borensztein, Olivier Jeanne, Paolo Mauro, Jeronimo Zettelmeyer, Marcos Chamon. Release Date:January, 2005 The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It more...
| Price: $25.00
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 | Implicit Transfers in IMF Lending, 1973–2003 Author/Editor: Priyadarshani Joshi, Jeronimo Zettelmeyer. Release Date:January, 2005 We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short more...
| Price: $15.00
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| The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard) Author/Editor: Olivier Jeanne, Jeronimo Zettelmeyer. Release Date:October, 2004 Using a simple model of international lending, we show that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes more...
| Price: $15.00
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| How Private Creditors Fared in Emerging Debt Markets, 1970-2000 Author/Editor: Jeronimo Zettelmeyer, Beatrice Weder, Christoph Klingen. Release Date:January, 2004 We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the more...
| Price: $15.00
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| The Impact of Monetary Policyon the Bilateral Exchange Rate : Chile Versus the United States Author/Editor: Jeronimo Zettelmeyer. Release Date:April, 2003 This paper examines the reaction of the bilateral Ch$/US$ exchange rate to monetary policy actions in Chile and the United States. The approach is to regress the change in the exchange rate following more...
| Price: $15.00
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| Moral Hazard and International Crisis Lending : A Test Author/Editor: Giovanni Dell'Ariccia, Jeronimo Zettelmeyer, Isabel Schnabel. Release Date:October, 2002 We test for the existence of a moral hazard effect attributable to official crisis lending by analyzing the evolution of sovereign bond spreads in emerging markets before and after the Russian more...
| Price: $15.00
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| Bankruptcy Procedures for Sovereigns : A History of Ideas, 1976-2001 Author/Editor: Jeronimo Zettelmeyer, Kenneth Rogoff. Release Date:August, 2002 This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) more...
| Price: $15.00
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| What Moves Capital to Transition Economies? Author/Editor: Nada Mora, Ratna Sahay, Jeronimo Zettelmeyer, Pietro Garibaldi. Release Date:April, 2002 Between 1991 and 1999, capital flows to 25 transition economies in Europe and the former Soviet Union differed widely in terms of overall levels and the share and composition of private flows. With more...
| Price: $15.00
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| Early Ideas on Sovereign Bankruptcy Reorganization : A Survey Author/Editor: Kenneth Rogoff, Jeronimo Zettelmeyer. Release Date:March, 2002 This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new more...
| Price: $15.00
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| Monetary Independence in Emerging Markets : Does the Exchange Rate Regime Make a Difference? Author/Editor: Thomas Philippon, Jeronimo Zettelmeyer, Eduardo Borensztein. Release Date:January, 2001 This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different more...
| Price: $15.00
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