Catalytic finance: When does it work? |
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| Authors: | Stephen Morris |
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| Affiliation: | a Department of Economics, Princeton University, Fisher Hall Princeton, NJ 08544, U. S. A.
b London School of Economics, Houghton Street, London WC2A 2AE, U. K. |
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| Abstract: | In a model of debt crisis caused partly by creditor coordination failure, we show that bailouts that reduce ex post inefficiency will sometimes enhance the incentives for governments to take costly adjustment effort. This model helps us understand a debate about the role of the IMF in catalyzing lending to developing countries. |
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| Keywords: | C72 D82 F33 |
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