Financial sector inefficiencies and coordination failures [electronic resource] : implications for crisis management / Pierre-Richard Agenor, Joshua Aizenman.
Material type:
TextSeries: Policy research working papers ; 2185. | World Bank e-LibraryPublication details: Washington, DC : World Bank, World Bank Institute, Economic Policy and Poverty Reduction, [1999]Description: 20, [3] p. : ill. ; 28 cmSubject(s): Debt relief -- East Asia | Intermediation (Finance) -- East Asia | Debt -- East AsiaAdditional physical formats: Agenor, Pierre-Richard.: Financial sector inefficiencies and coordination failures.LOC classification: HG3881.5.W57 | P63 no. 2185Online resources: Click here to access online Also available in print.Summary: In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector.
"September 1999."
Cover title.
Includes bibliographical references (p. 19-20).
In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector.
Also available in print.
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