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The objectives in examining U.S. and other donor assistance in Poland were to: assess the status and progress of the country's economic restructuring in the key areas of macroeconomic stabilization, foreign trade and investment, privatization, and banking; describe impediments to these restructuring efforts; discuss the role donors have played in the transformation process; and identify lessons learned that could be useful to other transition countries. The lessons learned from Poland merit consideration by Russia, Ukraine and others.
"This is the riveting tale of Argentina's sovereign debt drama, a complicated story that unfolds over 15 years and involves a host of characters, institutions, and issues. The country defaulted on its debt in 2001, restructured it in 2005, and was in court for the ensuing decade. The debt restructuring and the lawsuits that followed have had an outsized impact on sovereign debt law, sovereign debt markets, and sovereign debt policy: Argentina's pending default triggered an intense fight in Washington over the role of the IMF in sovereign debt restructurings; Argentina's default and its losses in court triggered the adoption (and enhancement) of a quasi-bankruptcy feature in sovereign bonds called Collective Action Clauses; the Argentina bond cases generated numerous opinions from the courts relating to what creditors can and can't do to try to collect from a country in defau
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China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.
“Restoring Financial Stability-The Legal Response” is the theme of the sixth volume of “Current Developments in Monetary and Financial Law.” The book covers a range of issues: frameworks and regulatory reforms in the United States, European Union, and Japan that address systemic risk; the international dimension of financial stability; the regulation of complex financial products; cross-border banking supervision; capital adequacy; and corporate and household debt restructuring. The chapters are based on presentations from a seminar hosted by the IMF Legal Department, the Ministry of Finance of Japan, the Financial Services Agency of Japan, and the Bank of Japan, with the assistance of the IMF Institute. The contributors to the volume come from both the public and private sectors, and include academics, lawyers practicing in the fields of banking and financial law, and officials from central banks, supervisory and regulatory agencies, and standard-setting bodies.
This report evaluates the role of the IMF in Argentina during 1991-2001, focusing particularly on the period of crisis management from 2000 until early 2002. The primary purpose of the evaluation is to draw lessons for the IMF in its future operational work. The evaluation suggests ten lessons, in the areas of surveillance and program design, crisis management, and the decision-making process, and, on the basis of these lessons, offers six sets of recommendations to improve the effectiveness of IMF policies and procedures.