Private Sector Involvement and International Financial Crises

This is the first book to integrate analyses of sovereign debt and crises in financial markets. Offering an analytical perspective on the design of the international financial architecture, this book relates insights from recent literature on co-ordination games to earlier work on currency crises and sovereign debt default to set out a coherent framework for the assessment of crisis management policy. Issues examined include the design of sovereign bankruptcy procedures, and the role of the IMF in influencing creditors and debtor countries.

Prasanna Gai is a Fellow of the Research School of Pacific and Asian Studies at the Australian National University. He has been a Senior Adviser at the Bank of England (1994-2001), Senior Research Associate in the Financial Markets Group at the London School of Economics, and a Consultant to the Bank of England on international financial affairs (2002-2003). He has held visiting appointments as Visiting Fellow at the Hong Kong Institute of Monetary Research (2003) and Visiting Lecturer at the University of Oxford (2001). Michael Chui is Senior Manager at the Hong Kong Monetary Authority. He has been an Economist in the Directorate General International & European Relations at the European Central Bank (2001-2003), an Economist in the International Finance Division at the Bank of England (1998-2001), and a Research Officer in the Centre for Economic Forecasting at the London Business School (1993-98).