Financial Crises, Liquidity, and the International Monetary System by Tirole Jean;

Author:Tirole, Jean;
Language: eng
Format: epub, pdf
Publisher: Princeton University Press
Published: 2014-08-01T16:00:00+00:00

5

Identification of Market Failure: Are Debtor Countries Ordinary Borrowers?

The proposals reviewed in Chapter 2 are direct transpositions of basic principles of capital adequacy, liquidity- and risk-management, and governance for corporations and financial institutions. Yet, while countries are often identified with corporate units with which they should share governance and financing principles, it is also frequently declared that countries have special features that somehow make them different. This chapter assesses these objections and then formulates the premises for my own perspective. I will argue that countries are indeed different, but the reasons I will emphasize differ from the usual ones.

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