This paper discusses, in a very general way, a system of IMF insurance against sovereign default that could be offered … could be priced is also discussed in an appendix. Private lender membership in the IMF is also discussed. This would provide … the IMF with some of the powers that central banks now have. …

The paper shows that an IMF-like coinsurance arrangement among countries can play a useful role in the global financial … system. The operation of the coinsurance arrangement is examined under different loan contracts. It shows that, if the IMF …

of the IMF in light of the past experience in preventing currency crises and a systemic breakdown of the world …’s financial system and points out necessary IMF reforms. It discusses how the IMF should adjust to the structural changes in the …

The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare … highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF … IMF intervention always makes the borrower country better off. The eects on non-senior lenders depend on the size of the …

The paper analyzes how the next financial crisis can be prevented and which role the IMF should play. The paper …. The size of operation of the IMF creates a moral hazard problem. The IMF should credibly announce the ex-post rules for …

's economic policy. This essay provides a theoretical grounding for the IMF and other multilateral agencies intervention on the …