@article{Restructuring:1409,
      recid = {1409},
      author = {Maier, Philipp},
      title = {Do We Need the IMF to Resolve a Crisis? Lessons from Past  Episodes of Debt Restructuring},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iv, 21 pages)},
      abstract = {This study investigate how debt restructurings have  evolved over the decades. Debtors and creditors have a long  history of engaging an outsider – a “third party”, such as  the IMF – to organise and facilitate debt restructurings.  As we show, the importance of these “third parties” has  grown over time. At the same time, the financial  environment has evolved rapidly, and financial markets have  become more liquid and better able to spread risk in recent  decades. In today's economic environment, the financial  system of many advanced countries is better isolated from  the negative consequences of a lengthy restructuring  process. Consequently, from the perspective of creditor  countries, the fact that “third parties” can facilitate and  shorten the restructuring process has become less valuable.  That said, emerging economies still benefit from involving  a “third party”, as this might help to overcome  coordination problems among creditors and signal that the  local authorities are effectively dealing with the crisis,  which might help to restore confidence. This holds all the  more since creditors have better access to litigation  nowadays than during earlier episodes of debt  restructurings.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1409},
      doi = {https://doi.org/10.34989/swp-2007-10},
}