Crisis financieras [electronic resource] : Experiencia reciente y lecciones para América Latina, Collyns, Charles.

Collyns, Charles.
Washington, D.C. : International Monetary Fund, 2003.
IMF eLibrary
Occasional Papers; Occasional Paper No. 217.
Occasional Papers; Occasional Paper No. 217
Government document
1 online resource (148 p.)
Local subjects:
Access to international capital.
Amount of debt.
Annual inflation.
Asian crisis.
Asian financial crisis.
Asset management company.
Average inflation.
Balance of payments.
Balance of payments crisis.
Balance sheet effects.
Balance sheet insolvency.
Balance sheets.
Bank accounts.
Bank assets.
Bank balance sheets.
Bank capital.
Bank capitalization.
Bank claims.
Bank closures.
Bank credibility.
Bank credit.
Bank creditors.
Bank debt.
Bank debts.
Bank deposits.
Bank equity.
Bank exposure.
Bank financing.
Bank for international settlements.
Bank independence.
Bank insolvency.
Bank intermediation.
Bank law.
Bank lending.
Bank liabilities.
Bank liquidity.
Bank loan.
Bank loans.
Bank losses.
Bank nationalization.
Bank negara malaysia.
Bank of england.
Bank of indonesia.
Bank of korea.
Bank of thailand.
Bank performance.
Bank privatization.
Bank program.
Bank recapitalization.
Bank rediscounts.
Bank regulators.
Bank reports.
Bank research.
Bank reserves.
Bank restructuring.
Bank run.
Bank runs.
Bank securities.
Bank shareholders.
Bank supervision.
Bank transactions.
Banking crises.
Banking crisis.
Banking operations.
Banking reforms.
Banking regulation.
Banking regulations.
Banking sector.
Banking sector problems.
Banking sectors.
Banking supervision.
Banking system.
Banking system assets.
Banking systems.
Bankrupt banks.
Bankruptcy law.
Banks assets.
Banks balance sheets.
Banks liabilities.
Banks loan.
Basel accord.
Bond holders.
Bond issue.
Bond issues.
Brady bonds.
Budget constraints.
Budget management.
Budget process.
Budget rigidities.
Budget systems.
Capital account liberalization.
Capital base.
Capital flows.
Capital markets.
Cash flow.
Central bank.
Central bank credibility.
Central banking.
Central banks.
Connected lending.
Contractionary monetary policy.
Convertible bonds.
Corporate insolvency.
Corporate sector.
Corporate sector weaknesses.
Coverage of debt.
Credit boom.
Crises episodes.
Crisis countries.
Crisis country.
Crisis episodes.
Crisis in emerging markets.
Crisis management.
Crisis probabilities.
Crisis resolution.
Cross-border insolvency.
Currency appreciation.
Currency board.
Currency boards.
Currency composition.
Currency crises.
Currency crisis.
Currency debt.
Currency mismatch.
Currency mismatches.
Current account.
Current account adjustment.
Current account balance.
Current account deficit.
Current account deficits.
Current account surpluses.
Debt burden.
Debt contracts.
Debt crises.
Debt crisis.
Debt data.
Debt default.
Debt dynamics.
Debt exchange.
Debt exchanges.
Debt management.
Debt managers.
Debt market.
Debt maturities.
Debt overhang.
Debt policies.
Debt problem.
Debt problems.
Debt ratio.
Debt reduction.
Debt relief.
Debt restructuring.
Debt service.
Debt service payments.
Debt servicing.
Debt situation.
Debt statistics.
Debt stocks.
Debt strategy.
Debt structure.
Debt structures.
Debt sustainability.
Debt sustainability analysis.
Debt-management strategy.
Debt-monitoring system.
Debt-service obligations.
Deflationary effect.
Denominated bond.
Deposit freezes.
Deposit guarantee.
Deposit guarantees.
Deposit insurance.
Deposit insurance scheme.
Discount rate.
Discretionary fiscal policy.
Domestic currency.
Domestic debt.
Domestic financial institutions.
Domestic financial system.
Domestic investment.
Domestic liquidity.
Domestic money markets.
Domestic public debt.
Domestic saving.
Dual exchange rate.
Early warning system.
Early warning systems.
Effective exchange rate.
Effective insolvency.
Effective insolvency system.
Efficient insolvency.
Efficient insolvency law.
Eurobond yields.
Excess demand.
Excess liquidity.
Excessive borrowing.
Exchange controls.
Exchange rate.
Exchange rate adjustment.
Exchange rate depreciation.
Exchange rate level.
Exchange rate management.
Exchange rate overshooting.
Exchange rate pass.
Exchange rate path.
Exchange rate peg.
Exchange rate policies.
Exchange rate regime.
Exchange rate regimes.
Exchange rate system.
Exchange rate volatility.
Exchange rates.
Exchange restrictions.
Exchange transactions.
Expansionary fiscal.
Expansionary fiscal contractions.
Expenditure policy.
Expenditure programs.
Expenditure reform.
Export expansion.
Export growth.
Export orientation.
Export sector.
Export volume.
External debt.
External debt management.
External debt service.
External finance.
External financing.
External liabilities.
External liquidity.
External public debt.
External shocks.
Financial contagion.
Financial crises.
Financial crisis.
Financial deepening.
Financial institutions.
Financial liberalization.
Financial markets.
Financial resources.
Financial restructuring.
Financial system.
Fiscal activities.
Fiscal activity.
Fiscal adjustment.
Fiscal adjustments.
Fiscal aggregates.
Fiscal balance.
Fiscal balances.
Fiscal behavior.
Fiscal contractions.
Fiscal deficit.
Fiscal deficits.
Fiscal discipline.
Fiscal federalism.
Fiscal imbalances.
Fiscal impact.
Fiscal implications.
Fiscal impulse.
Fiscal indicators.
Fiscal information.
Fiscal loosening.
Fiscal management.
Fiscal measures.
Fiscal operations.
Fiscal performance.
Fiscal policies.
Fiscal policy.
Fiscal policy flexibility.
Fiscal policy formulation.
Fiscal policy response.
Fiscal policy responses.
Fiscal position.
Fiscal positions.
Fiscal pressure.
Fiscal reform.
Fiscal relations.
Fiscal responsibility.
Fiscal responsibility law.
Fiscal risks.
Fiscal rules.
Fiscal situation.
Fiscal solvency.
Fiscal stance.
Fiscal stress.
Fiscal surplus.
Fiscal surpluses.
Fiscal sustainability.
Fiscal target.
Fiscal targets.
Fiscal tightening.
Fiscal transparency.
Fiscal variables.
Fiscal vulnerability.
Fixed exchange rate.
Fixed exchange rate regime.
Floating exchange rate.
Floating exchange rate regime.
Floating exchange rates.
Foreign currency debt.
Foreign debt.
Foreign debts.
Foreign exchange.
Foreign exchange exposure.
Foreign exchange market.
Foreign exchange restrictions.
Foreign exchange transactions.
Formal insolvency.
Formal insolvency system.
General insolvency law.
Going concern.
Government bonds.
Government debt.
Government deficits.
Government finance.
Government securities.
Government spending.
Guaranteed bonds.
High inflation.
High interest rates.
Increase in interest rates.
Indexed bonds.
Individual bond.
Inflation forecasts.
Inflation objective.
Inflation target.
Inflation targeting.
Inflationary impact.
Inflationary pressures.
Insolvency cases.
Insolvency law.
Insolvency law reforms.
Insolvency laws.
Insolvency procedure.
Insolvency procedures.
Insolvency proceedings.
Insolvency professionals.
Insolvency regime.
Insolvency system.
Insolvency systems.
Insolvent banks.
Interbank market.
Interest rate risk.
Intergovernmental fiscal.
Intergovernmental fiscal relations.
International banks.
International bonds.
International capital.
International capital markets.
International debt.
International finance.
International finance corporation.
International financial system.
Law on cross-border insolvency.
Limited deposit insurance.
Liquidity crises.
Liquidity crisis.
Liquidity injection.
Liquidity injections.
Liquidity of banks.
Liquidity variables.
Long-term bonds.
Long-term debt.
Long-term loans.
Low debt.
Low liquidity.
Macroeconomic policies.
Macroeconomic stability.
Macroeconomic stabilization.
Market debt.
Medium-term fiscal sustainability.
Model law on cross-border insolvency.
Monetary aggregate.
Monetary aggregate target.
Monetary aggregate targets.
Monetary aggregates.
Monetary authorities.
Monetary base.
Monetary control.
Monetary expansion.
Monetary financing.
Monetary fund.
Monetary impact.
Monetary policies.
Monetary policy.
Monetary policy decisions.
Monetary policy framework.
Monetary policy frameworks.
Monetary policy strategy.
Monetary regime.
Monetary stance.
Monetary targets.
Money base.
Money demand.
Money market.
Money market interest rate.
Money markets.
Money supply.
Moral hazard.
Net debt.
Net exports.
Net present value.
Nominal exchange rate.
Nominal interest rate.
Nominal interest rates.
Nonperforming loan.
Official exchange rate.
Open market operations.
Payments crisis.
Post-crisis period.
Present value.
Price level.
Price stability.
Primary deficit.
Primary fiscal balance.
Private bank.
Private banks.
Private credit.
Private creditors.
Private debt.
Private external debt.
Private sector creditors.
Probability of default.
Prudent fiscal policies.
Prudential regulation.
Public borrowers.
Public borrowing.
Public debt.
Public debt management.
Public debts.
Public expenditure.
Public finance.
Public finances.
Public sector debt.
Public sector securities.
Quality of debt management.
Quasi-fiscal activities.
Rating agencies.
Ratio of debt.
Real effective exchange rate.
Real exchange rate.
Real exchange rates.
Real interest rates.
Real value.
Reduction in tax.
Regulatory approach.
Regulatory forbearance.
Reserve bank.
Reserve requirement.
Reserve requirements.
Savings bank.
Savings deposits.
Secured creditors.
Severe fiscal imbalances.
Share of exports.
Short-term debt.
Sovereign bonds.
Sovereign debt.
Sovereign debt crises.
Sovereign debt restructuring.
Sovereign debts.
Stable prices.
State bank.
State enterprise.
Systemic banking crisis.
Systemic crisis.
Tax administration.
Tax avoidance.
Tax base.
Tax bases.
Tax compliance.
Tax evasion.
Tax policy.
Tax rates.
Tax reform.
Tax revenue.
Tax structure.
Tax system.
Term bonds.
Tight monetary policy.
Total external debt.
Transitional government.
Unsecured creditors.
Working capital.
Latin America.
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.
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Collyns, Charles.
Kincaid, G. Russell.
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