文章基本信息

标题：Putting a Stop to Self-fulfilling Crises
本地全文：下载
作者：Daniel Cohen
期刊名称：Finance and Development
印刷版ISSN：0015-1947
电子版ISSN：0145-1707
出版年度：2004
卷号：41
期号：03
出版社：International Monetary Fund
摘要：In the 1990s, capital markets lost confidence in countries' ability to repay their debts, leading to "self-fulfilling" debt crises-that is, the perception that a country is high risk raises interest rate spreads and, consequently, the debt-service burden, leading to a crisis. The author suggests that the IMF play the role of lender of first resort, which would help countries avoid the trap of a self-fulfilling debt crisis.