TY  - JOUR
AU  - Bordo,Michael D.
AU  - Schwartz,Anna J.
TI  - Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6824
PY  - 1998
Y2  - December 1998
UR  - http://www.nber.org/papers/w6824
L1  - http://www.nber.org/papers/w6824.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Anna J. Schwartz
E-Mail: N/A user is deceased
M2  - featured in NBER digest on 1999-04-01
AB  - Recent events in Asia and other parts of the globe have prompted calls from many quarters for international rescue of the monetary or fiscal authorities of distressed countries.  We contrast the experience before 1973 of rescues of monetary authorities of advanced countries temporarily short of liquidity with recent experience of bailouts.  International rescues in the past involved relatively small amounts of money, sufficient to stave off devaluation or abandonment of a fixed exchange rate, while remedial policies were put in place.  Recent bailouts involve handing over relatively large amounts to both foreign lenders and domestic investors after devaluation of a pegged exchange rate to avoid their incurring wealth losses.  We document past rescues, whether successful or unsuccessful, by monetary regimes different today from past experience.
ER  -