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Index
Cover Page
Title Page
Copyright Page
Contents
Acknowledgments
Introduction
1. Emerging Markets Crises and Policy Responses
The pre-crisis period
The crisis
IMF reforms, regulatory changes, and private sector innovations
2. The Economists’ Views
Consensus view
Conflicting advice and the topsy-turvy principle
“Unrealistic” encroachments of sovereignty
Theories
3. Outline of the Argument and Main Message
The problem of a standard borrower
Why is external borrowing different?
Institutional and policy responses to market failure
4. Liquidity and Risk-Management in a Closed Economy
Corporate financing: key organizing principles
Domestic liquidity provision
5. Identification of Market Failure: Are Debtor Countries Ordinary Borrowers?
The analogy and a few potential differences
A dual-agency perspective
The government’s incentives
Discussion
A common-agency perspective
6. Implications of the Dual- and Common-Agency Perspectives
Implication 1: the representation hypothesis
Implication 2: policy analysis
Cross-country comparisons
Is there a need for an international lender of last resort?
7. Institutional Implications: What Role for the IMF?
From market failure to mission design
Governance
8. Conclusion
References
Index
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