Caveat creditor

Philip Turner

No 419, BIS Working Papers from Bank for International Settlements

Abstract: One area where international monetary cooperation has failed is in the role of surplus or creditor countries in limiting or in correcting external imbalances. The stock dimensions of such imbalances - net external positions, leverage in national balance sheets, currency/maturity mismatches, the structure of ownership of assets and liabilities and over-reliance on debt - can threaten financial stability in creditor as in debtor countries. Creditor countries therefore have a responsibility both for avoiding "overlending" and for devising cooperative solutions to excessive or prolonged imbalances.

Keywords: International adjustment; symmetry in adjustment; external financing and risk exposures; financial crisis (search for similar items in EconPapers)
Pages: 27 pages
Date: 2013-07
New Economics Papers: this item is included in nep-cba and nep-mon
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