Working Paper: NBER ID: w7265
Authors: Kenneth Rogoff
Abstract: This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an international debt insurance corporation, and unilateral controls on capital flows.
Keywords: No keywords provided
JEL Codes: F02; F33
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| global lender of last resort (F34) | prevent sovereign debt runs (H63) |
| absence of global lender of last resort (F65) | increased vulnerability to sudden capital withdrawals (F65) |
| capital flow volatility (F32) | economic downturns in developing countries (F65) |
| capital market integration (F30) | economic vulnerability (F66) |