Do we need the IMF to resolve a crisis?

- Central Banking staff
- 27 Feb 2007

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The Bank of Canada Working Paper "Do we need the IMF to resolve a crisis? Lessons from past episodes of debt restructuring" investigates how debt restructurings have evolved over the decades.

Debtors and creditors have a long history of engaging an outsider - a "third party", such as the IMF - to organise and facilitate debt restructurings. As we show, the importance of these "third parties" has grown over time. At the same time, the financial environment has evolved rapidly, and financial

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