Kiel Working Papers, Kiel Institute for World Economics
No 909:
Währungskrisen: Frühwarnindikatoren, Übertragungskanäle, Lösungsansätze
Horst Siebert
Abstract: The paper discusses early indicators, mechanisms of
contagion and potential solutions. Multilateral approaches such as
reference zones will not be practical, impeding the international capital
flows implies high opportunity costs for the countries involved. The IMF
should change its policy approach so that sovereign debtor countries and
private creditors have no incentive to moral hazard behavior. The IMF
should make sure that countries implement standards of stability at home;
if not, access to credit in the case of crisis will be limited or even
prohibited. The institutional arrangement of the world economy should
establish a troublemaker-pays-principle which ensures that the crisis
country carries the burden of instability.
Keywords: Frühwarnindikatoren, Übertragungskanäle, Lösungsansätze; (follow links to similar papers)
23 pages, February 1999
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