@article{ocampo_herman_kaiser_schneider_2015, 
  title={Resolution of balance of payments crises Emergency financing and debt workouts}, 
  abstractNote={This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as focusing conditionality on macro-relevant areas. In contrast, and despite the spread of collective action clauses, much remains to be done in the area of debt restructuring. In this regard, it proposes a multilateral mechanism that offers a sequence of voluntary negotiations, mediation and eventual arbitration with pre-established deadlines, similar to that used in the World Trade Organization's dispute settlement process.}, 
  author={Ocampo and Herman and Kaiser and Schneider}, 
  year={2015}
  }