International Financial Crises and the Multilateral Response: What the Historical Record Shows
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The authors are with the International Monetary Fund, the University of California, Berkeley, and the International Monetary Fund, respectively. This paper was prepared for the NBER-Sloan project on the Global Financial Crisis. We thank Kristen Forbes for helpful comments and Ajai Chopra, Jeromin Zettelmeyer and several colleagues at the IMF for generous feedback. Barry Eichengreen acknowledges having periodically done consulting for financial institutions, law firms and multilateral organizations on issues related to debt and debt restructuring. He has no material and relevant ongoing financial relationships with such entities at the time of writing. The standard disclaimer applies with special force: the views expressed are the authors’ and do not necessarily represent the views of the IMF’s management, its Board of Directors, or the National Bureau of Economic Research.