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analysis asset Authorfs bad luck defaults bank run behavior borrow capital flight context credible creditor countries creditor governments crises in emerging crisis dead weight loss debtor countries debtor government debtors and creditors developing countries distorted domestic financial Dooley Economics Ecuador emerging markets equity evaluate financial crises financial intermediation financial markets following an unavoidable foreign framework full subscription Fund Fund's government intervention hard copy important incentive for repayment international capital markets international debt international monetary system investment Korean banks last resort lender of last lending liquidity crises list To subscribe loans loss in output Macroeconomics Martin Feldstein Massachusetts Avenue mitigate the costs model developed Monetary Policy moral hazard NBER Working Paper negotiation official creditors papers in hard Partial Subscription payments private debtors problem prone to crises recent crises sanctioned default share sovereign debt structure threat U.S. bank unavoidable default welfare improving www.nber.org To order