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Market Discipline

Author

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  • Mr. Timothy D. Lane

Abstract

Under what circumstances can market forces prevent unsustainable borrowing? Effective market discipline requires that capital markets be open, that; information on the borrower’s existing liabilities be readily available, that no bailout be anticipated, and that the borrower respond to market signals. This paper explores the implications of these conditions, and reviews some relevant empirical evidence.

Suggested Citation

  • Mr. Timothy D. Lane, 1992. "Market Discipline," IMF Working Papers 1992/042, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1992/042
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=792
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    Cited by:

    1. Restoy, Fernando, 1996. "Interest rates and fiscal discipline in monetary unions," European Economic Review, Elsevier, vol. 40(8), pages 1629-1646, November.

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