The views expressed in this paper are those of the autho rs, and not necessarily those of the Bank of England. We would like to thank the following for helpful comments during the preparation of this work: Contents Abstract 3 Summary 4 1 Introduction 6 2 A model of the cross-border use of collateral in payment systems 11 2.
This paper studies the role played by the IMF during sovereign debt restructurings and extract lessons for future official interventions. To do so, I compare twelve recent debt restructurings. I begin by detailing the main features (" restructuring strategies ") of each episode. I then analyze the involvement of the Fund and relate it to the above-cited… (More)
The views are not necessarily those of the Bank of England or Her Majesty's Treasury.
Of 28 788 women aged 40 to 74 registered at 28 university teaching practices in greater Belfast, half were randomly selected to receive a booklet on breast self-examination from their general practitioner at the start of the study and 1 year later. The frequency of breast abnormalities was identical in both groups (0.83%) during the 2-year follow-up. Early… (More)
We are grateful to Jan Dehn and Raul Hopkins for comments on an earlier draft. We alone are responsible for errors etc.
Introduction: The incidence of oesophageal adenocarcinoma (OAC) has increased dramatically over recent years and Barrett's oesophagus (BO) is the most established risk factor for its development. Endoscopic surveillance of BO has been widely advocated but hinges on assessment of repeated endoscopic biopsies, which is problematic. The use of biomarkers… (More)
We develop a model in which countries can protect themselves against shocks by subscribing to a credit union that shares the key features of the International Monetary Fund, or by self-insuring through accumulating reserves. We assess the impact of the increasing heterogeneity of the Fund's membership on the political equilibrium Fund size and hence its… (More)