Author/Editor: Ratna Sahay, Martin Cihak, Papa M N'Diaye, Adolfo Barajas, Diana B Ayala Pena, Ran Bi, Yuan Gao, Annette J Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, Seyed Reza Yousefi.

Release Date:May, 2015

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging more...

Author/Editor: Ran Bi, Haonan Qu, James Roaf.

Release Date:August, 2013

This paper provides a general framework to assess the output and debt dynamics of an economy undertaking multi-year fiscal adjustment. The framework allows country-specific assumptions about the more...

Author/Editor: Jeronimo Zettelmeyer, Marcos Chamon, Ran Bi.

Release Date:November, 2011

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and more...

Author/Editor: Ran Bi.

Release Date:February, 2008

Delays in debt restructuring negotiations are widely regarded as inefficient. This paper argues that delays can allow the economy to recover from a crisis, make more resources available for debt more...