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Conditions for Market Discipline
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bail bailout bank's share borrower respond borrower's behavior budgetary imbalances Capital flight capital markets compensate controls cost country's fiscal credible credit-worthiness creditors currency union Damrau debt ratios debt servicing default risk deficits Delors Report deposit insurance premium depositors developing countries discipline borrowers economic effective market discipline enterprises in socialist European European Central Bank evidence example exchange rate depreciation federal unions financial institutions financial intermediaries financial markets fiscal imbalances fiscal policy fiscal rules funds Goldstein government borrowing higher interest rate implies important incentives inflation inflation tax interest rate spread Lamfalussy limits losses Maastricht agreement market forces market signals member countries monetization moral hazard moral hazard problem off-balance-sheet particular prevent unsustainable provinces reflect required for market respond to market risk of default shown in Chart signals provided socialist economies sovereign borrowers sovereign debt sovereign lending unsustainable borrowing unsustainable policies yield spread