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Under what circumstances, past and present, have international rescues of countries in financial distress been successful?

Author: Michael D Bordo; Anna Jacobson Schwartz; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6824.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Recent events in Asia and other parts of the globe have prompted calls from many quarters for international rescue of the monetary or fiscal authorities of distressed countries. We contrast the experience before 1973 of rescues of monetary authorities of advanced countries temporarily short of liquidity with recent experience of bailouts. International rescues in the past involved relatively small amounts  Read more...
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Genre/Form: History
Additional Physical Format: Print version:
Bordo, Michael D.
Under what circumstances, past and present, have international rescues of countries in financial distress been successful?.
Cambridge, MA : National Bureau of Economic Research, ©1998
(OCoLC)41048388
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael D Bordo; Anna Jacobson Schwartz; National Bureau of Economic Research.
OCLC Number: 647091284
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (49, [3]).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6824.
Other Titles: Under what circumstances have international rescues of countries in financial distress been successful?
International rescues of countries in financial distress
Responsibility: Michael D. Bordo, Anna J. Schwartz.

Abstract:

Abstract: Recent events in Asia and other parts of the globe have prompted calls from many quarters for international rescue of the monetary or fiscal authorities of distressed countries. We contrast the experience before 1973 of rescues of monetary authorities of advanced countries temporarily short of liquidity with recent experience of bailouts. International rescues in the past involved relatively small amounts of money, sufficient to stave off devaluation or abandonment of a fixed exchange rate, while remedial policies were put in place. Recent bailouts involve handing over relatively large amounts to both foreign lenders and domestic investors after devaluation of a pegged exchange rate to avoid their incurring wealth losses. We document past rescues, whether successful or unsuccessful, by monetary regimes different today from past experience.

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