Bailouts or Bail-ins? will prove to be a useful tool for those confronting these crises, and a clear, accessible overview for those studying global markets.

Lawrence H. Summers, President, Harvard University and Former U.S. Treasury Secretary

This is the most intelligent and comprehensive analysis yet of how the international community should respond to financial crises. . . It will be the definitive work on this subject for some time to come.

Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley

A fluid and deeply informed synthesis of the recent debate on how to improve sovereign debt workouts. Roubini and Setser’s book will likely be a standard reference for many years to come.

Kenneth Rogoff, Harvard University

The Rubin-Summers era policy wonks take on financial architecture, matured by distance, turbocharged with academic authority.

Jeromin Zettelmeyer, International Monetary Fund

The analysis is thorough, conclusions are well supported by empirical evidence, and recommendations soundly reasoned. Highly recommended.

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Roughly once a year, the managing director of the International Monetary Fund, the U.S. treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country’s banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.

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