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Resolution of balance of payments crises: Emergency financing and debt workouts

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  • José Antonio Ocampo

Abstract

This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as focusing conditionality on macro-relevant areas. In contrast, and despite the spread of collective action clauses, much remains to be done in the area of debt restructuring.

Suggested Citation

  • José Antonio Ocampo, 2015. "Resolution of balance of payments crises: Emergency financing and debt workouts," WIDER Working Paper Series wp-2015-011, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2015-011
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    File URL: https://www.wider.unu.edu/sites/default/files/wp2015-011.pdf
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    Cited by:

    1. José Antonio Ocampo, 2016. "Global macroeconomic cooperation and the exchange rate system," WIDER Working Paper Series wp-2016-49, World Institute for Development Economic Research (UNU-WIDER).
    2. José Antonio Ocampo, 2016. "A brief history of the international monetary system since Bretton Woods," WIDER Working Paper Series wp-2016-97, World Institute for Development Economic Research (UNU-WIDER).
    3. José Antonio Ocampo, 2016. "Global macroeconomic cooperation and the exchange rate system," WIDER Working Paper Series 049, World Institute for Development Economic Research (UNU-WIDER).
    4. José Antonio Ocampo, 2016. "A brief history of the international monetary system since Bretton Woods," WIDER Working Paper Series 097, World Institute for Development Economic Research (UNU-WIDER).
    5. Alonso José Antonio, 2018. "Two Major Gaps in Global Governance: International Tax Cooperation and Sovereign Debt Crisis Resolution," Journal of Globalization and Development, De Gruyter, vol. 9(2), pages 1-17, December.

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