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Financial Crises, Liquidity, and the International Monetary System
Jean Tirole

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Acknowledgments vii
Introduction ix
1. Emerging Markets Crises and Policy Responses 1
The pre-crisis period 1
The crisis 7
IMF reforms, regulatory changes, and private sector innovations 18
2. The Economists' Views 23
Consensus view 23
Conflicting advice and the topsy-turvy principle 29
"Unrealistic" encroachments on sovereignty 36
Theories 36
3. Outline of the Argument and Main Message 47
The problem of a standard borrower 48
Why is external borrowing different? 48
Institutional and policy responses to market failure 50
4. Liquidity and Risk-Management in a Closed Economy 53
Corporate financing: key organizing principles 53
Domestic liquidity provision 70
5. Identification of Market Failure: Are Debtor Countries Ordinary Borrowers? 77
The analogy and a few potential differences 77
A dual-agency perspective 81
The government's incentives 86
Discussion 88
A common-agency perspective 92
6. Implications of the Dual- and Common-Agency Perspectives 97
Implication 1: the representation hypothesis 97
Implication 2: policy analysis 102
Cross-country comparisons 108
Is there a need for an international lender of last resort? 110
7. Institutional Implications: What Role for the IMF? 113
From market failure to mission design 113
Governance 116
8. Conclusion 129
References 131
Index 145

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File created: 11/1/2016

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