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IMF Working Papers
This paper examines how events that change expectations about future international crisis lending modify the relationship between country spreads and fundamentals. If moral hazard is present, such events should affect the level of spreads, the sensitivity with which spreads reßect fundamentals, and their cross-country dispersion. When applied to the Russian crisis of 1998, these tests Þnd strong evidence consistent with the existence of moral hazard. However, this evidence is subject to adoi:10.5089/9781451859201.001 fatcat:ey5ahxfbyvbctmaj6ey7ssjymy