ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Sharing Adjustment Costs

AFTER reading Ranjit Sau's response ('Double-Loading of Risks by IMF', May 30, 1998), I wondered how two commentators, seemingly on opposite sides of the debate, could come to agree on a point which triggered the exchange in the first place. I would go the whole hog with Sau in his view that the IMF has failed to come up with an alternative to its present policy of asking governments of crisis-ridden countries to "assume the responsibilities for settling private foreign debt. That is why I referred to the need for instituting an international bankruptcy law a Ia Jeffrey Sachs. Sau finds this alternative sufficiently appealing to "think about", though he has some qualms about "declaring any nation as bankrupt''. I am afraid this is too sentimental an attitude to take in the world we live in.

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