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2. The IMF's Dubious Proposal for a Universal Bankruptcy Law for Sovereign Debtors
- Author:
- Anna J. Schwartz
- Publication Date:
- 03-2003
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The International Monetary Fund has proposed a universal bankruptcy tribunal to deal with sovereign debt restructuring. But does the international financial system really need such a mechanism? There has been little demand by sovereign borrowers or their creditors for a universal bankruptcy law, and few countries have had to enter into debt restructuring procedures. The absence of such a law does not appear to have created chaotic conditions even in those cases.
- Topic:
- Economics, International Organization, International Political Economy, and International Trade and Finance
3. Time to Terminate the ESF and the IMF
- Author:
- Anna J. Schwartz
- Publication Date:
- 08-1998
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The International Monetary Fund and the U.S. Treasury Department's Exchange Stabilization Fund are undemocratic institutions unaccountable for their actions. Their current functions have little to do with their original missions. The ESF is used by the executive branch to circumvent Congress in the provision of foreign aid. Its foreign exchange interventions have, in any event, always been wasteful and ineffective at controlling the relative price of the U.S. dollar. The IMF has also been used to provide massive bailouts in the cases of Mexico in 1995 and of Asian countries since 1997. Defenders of the IMF as an international lender of last resort are misinformed since the IMF does not and cannot serve that purpose. Both institutions should be abolished, not reformed, because they are not needed to resolve currency crises and they preclude superior solutions.
- Topic:
- Economics, International Trade and Finance, and Political Economy
- Political Geography:
- United States, Asia, and Mexico