Financial sector inefficiencies and coordination failures
Subtitle: implications for crisis management
By: Pierre-Richard Agénor, Joshua Aizenman.
Contributors: Aizenman, Joshua.; World Bank Institute. Economic Policy and Poverty Reduction.
Series: Policy research working paper ;; 2185; Policy research working papers ;; 2185.
Publisher: World Bank, World Bank Institute, Economic Policy and Poverty Reduction
Published: 1999
Place of publication: Washington, DC
Language: eng
Number of pages: 20
Subjects: Intermediation (Finance) -- East Asia.; Debt relief -- East Asia.; Debt -- East Asia.
Description: 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.
Notes: Includes bibliographical references (p. 19-20).
Cover title.
"September 1999."
Also available on the World Wide Web.