This chapter examines the role of credit relations and of the private sector in resolving financial crises in emerging market economies. It suggests that the most relevant approach in keeping with an understanding of today's international capital markets is one that seeks to involve private creditors on as voluntary a basis as possible. This chapter considers the design of crisis resolution approaches in the context of the economic theory about sovereign lending. It also evaluates some prominent proposals for reform and describes the possible future composition of lending to emerging markets.
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