Debt Maturity and the International Financial Architecture

摘要

The international financial crises of the 1990s have generated a sense that the global financial system, left to itself, tends to give rise to dangerous forms of finance. Mexico in 1994, Indonesia, Korea, Malaysia, Thailand, and Russia in 1997-1998-all these countries had to roll over large amounts of short-term external debt. This made these countries vulnerable to debt roll-over crises, whose resolution was complicated by the fact that debt was held by a large number of uncoordinated creditors.