Arbeitspapier
Managerial turnover and leverage under a takeover threat
The paper analyzes the effect of different proposals for the new international financial architecture in an open economy liquidity crises model. It shows that an international lender of last resort that provides a complete financial rescue leads, in the short run, to a lower probability of a BoP crises and financial runs. However, the perverse incentives of a complete bailout lead to an increasing probability offinancial runs in the long run. A partial financial package may not reduce the probability of financial runs and twin crises. Private sector participation rules can increase the probability of finan- cial runs and twin crises if a large proportion of foreign investors expect to withdraw their investment without loss.
- Sprache
-
Englisch
- Erschienen in
-
Series: Texto para discussão ; No. 402
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Novaes, Walter
- Ereignis
-
Veröffentlichung
- (wer)
-
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia
- (wo)
-
Rio de Janeiro
- (wann)
-
1999
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Novaes, Walter
- Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia
Entstanden
- 1999
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