International liquidity
Subtitle: the fiscal dimension
By: Maurice Obstfeld
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 17379; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17379.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide a higher and better coordinated level of fiscal support than it has in the past.  Loans to troubled sovereigns or financial institutions imply a credit risk that ultimately must be lodged somewhere.  Expanded international lending facilities, including an expanded IMF, cannot remain unconditionally solvent absent an expanded level of fiscal backup.  The same point obviously applies to the European framework for managing internal sovereign debt problems, including proposals for a jointly guaranteed eurozone sovereign bond.  Even attainment of a significant role for the Special Drawing Right depends upon enhanced fiscal resources and burden sharing at the international level"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 11/29/2011.

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