reserves, which are a less reliable and predictable source of reserves, especially in times of crisis. Copyright 2004 …

reserves, which are a less reliable and predictable source of reserves, especially in times of crisis. Copyright 2004 …

exchange rate regimes in different countries. When countries trade with one another, the crisis probabilities are … partner's imminent crisis, because a loss of international competitiveness changes their governments' optimal escape clauses …. Thus, not only actual devaluations but an increasing crisis probability in one country may trigger currency crises …

hypothesize that internationally exposed firms prefer more stable currencies, and that tradables producers prefer a relatively …

retake it by force constituted a serious political crisis with significant economic consequences. For the United Kingdom, it … engendered a financial crisis as well. That all four of the combatants sought and obtained IMF financial assistance was highly …

borrowing costs in response to IMF crisis lending are efficient. Thus, under these assumptions, the IMF cannot cause moral … borrowing costs is not a useful strategy to test for IMF-induced moral hazard. Instead, empirical research on moral hazard …