Managing financial crises in emerging market economies - experience with the involvement of private sector creditors

Ensuring the involvement of private sector creditors in the resolution of sovereign debt crises is crucial to ensure an effective management and orderly resolution of those crises. A review of experience gained in past financial crises suggests that crisis management practices have been largely following a case-by-case approach. This has led to some uncertainty about how the official sector addresses different types of crises, which in turn might partially account for the very mixed results achieved so far. From a global welfare perspective, the resolution of international financial crises is too costly and takes too long. Efforts to improve predictability of crisis resolution processes – through guiding debtor, creditor and official sector behaviour – could lower overall costs of such crises and bring about a better distribution of these costs. Past experience with such private sector involvement shows that, in certain cases, existing instruments have successfully contributed to minimising the economic disruptions caused by crises. However, the effective use of these instruments requires predictable and strong commitment of all parties involved. Key variables in that regard are the country’s economic fundamentals and its track record prior to the crisis, underscoring the importance of effective surveillance and crisis prevention. Success also hinges on the country’s resolve to implement necessary domestic adjustment measures. A transparent process providing for early dialogue between a debtor and its creditors also facilitates private sector involvement. Finally, the IMF plays a key role in crisis situations, as accurate and timely diagnosis by the IMF helps identify at an early stage the need for private sector involvement.Sovereign default, bond restructuring, emerging markets, financial crises, moral hazard, international financial architecture.

Managing financial crises in emerging market economies - experience with the involvement of private sector creditors

Ensuring the involvement of private sector creditors in the resolution of sovereign debt crises is crucial to ensure an effective management and orderly resolution of those crises. A review of experience gained in past financial crises suggests that crisis management practices have been largely following a case-by-case approach. This has led to some uncertainty about how the official sector addresses different types of crises, which in turn might partially account for the very mixed results achieved so far. From a global welfare perspective, the resolution of international financial crises is too costly and takes too long. Efforts to improve predictability of crisis resolution processes – through guiding debtor, creditor and official sector behaviour – could lower overall costs of such crises and bring about a better distribution of these costs. Past experience with such private sector involvement shows that, in certain cases, existing instruments have successfully contributed to minimising the economic disruptions caused by crises. However, the effective use of these instruments requires predictable and strong commitment of all parties involved. Key variables in that regard are the country’s economic fundamentals and its track record prior to the crisis, underscoring the importance of effective surveillance and crisis prevention. Success also hinges on the country’s resolve to implement necessary domestic adjustment measures. A transparent process providing for early dialogue between a debtor and its creditors also facilitates private sector involvement. Finally, the IMF plays a key role in crisis situations, as accurate and timely diagnosis by the IMF helps identify at an early stage the need for private sector involvement

Morphologische Reflexionen

3 Fotos des Künstlerbuchs 75 Kun KBS 220. - Dokumentation einer Installation von 2006. Der Künstler geht gestalterisch der persönlichen Fragestellung nach Stabilisierung und Auflösung der eigenen Grenzen nach. - Papierart: gestirch 90g/m^2. Satz, Druckverfahren: Color Copy. Bindung: Fadenbindung auf Bändern. Schrift: Futur

Women’s awareness and periconceptional use of folic acid: data from a large European survey

Johannes Bitzer,1 Ariane von Stenglin,2 Ralf Bannemerschult3 1Department of Obstetrics and Gynecology, University Women’s Hospital of Basel, Basel, Switzerland; 2Global Market Research, Bayer HealthCare Pharmaceuticals, Berlin, Germany; 3Women’s Healthcare Medical Affairs and Pharmacovigilance Region Europe, Bayer HealthCare Pharmaceuticals, Berlin, Germany Objective: To investigate the awareness and use of folic acid in European women of child-bearing age, particularly in the setting of pregnancy and pregnancy planning. Methods: Between November 2009 and December 2009, women aged 15–49 years old from 18 European countries completed a 30-minute structured questionnaire either online or via face-to-face interviews. To achieve nationally representative samples for each country quotas were set for age, education, income, and regional distribution. Results: A total of 22,925 women participated in the survey. Of the respondents, 58% had at least one biological child, and of these 38% reported that their first pregnancy was not planned. Nearly 60% of women who planned their pregnancy indicated that they had stopped using their method of contraception without first consulting a doctor or another health care professional. Overall, 70% reported that they had heard of folic acid and 40% stated that they knew the benefits of folic acid. However, when prompted to indicate which diseases and/or birth defects folic acid can protect against, only 17% knew that folic acid can reduce the risk of neural tube defects/spina bifida. Conclusions: A large proportion of European women of child-bearing age in this survey were unaware that periconceptional folic acid supplementation reduces the risk of birth defects. Keywords: folic acid supplementation, neural tube defects, pregnancy, women, periconceptional period, surve