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Author : John Williamson
Publisher : Peterson Institute
Page : 98 pages
File Size : 42,7 Mb
Release : 1989
Category : Debt equity conversion
ISBN : UCSD:31822004854642
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 50 pages
File Size : 48,8 Mb
Release : 1988-09-06
Category : Business & Economics
ISBN : 9781451954326
In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt’s face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and investment depending on the degree of international capital mobility and attitudes toward risk. There may also exist multiple equilibria; with high and low investment levels. The paper explores the desirability of debt reduction in this environment. First, it characterizes circumstances in which debt reduction is desirable from the collective point of view of the creditors. Second, it formulates the forgiveness decision as a noncooperative game among creditors and explores the scope for debt reduction as an outcome of this game.
Author : Ishac Diwan,Kenneth Kletzer
Publisher : World Bank Publications
Page : 33 pages
File Size : 44,6 Mb
Release : 1990
Category : Debt equity conversion
ISBN : 8210379456XXX
When lenders participate voluntarily in a buyback of debt claims, both the price paid for repurchased claims and the secondary market price of the remaining debt rise-- so all creditors realize a net benefit. In contrast, the menu approach to debt reduction allows the debtor to reduce its debt at cheaper prices.
Author : Jeffrey Sachs
Publisher : World Bank Publications
Page : 64 pages
File Size : 46,7 Mb
Release : 1989
Category : Debt equity conversion
ISBN : 8210379456XXX
Debt reduction poses collective action problems that cannot be efficiently handled in the framework of voluntary market-based approaches. Instead we need concerted debt restructuring, based on below-market interest rates -- perhaps linked with credit enhancement by official creditors -- to provide the most direct mechanism for efficient, equitable sharing of losses.
Author : Martin Guzman,José Antonio Ocampo,Joseph E. Stiglitz
Publisher : Columbia University Press
Page : 307 pages
File Size : 42,7 Mb
Release : 2016-05-10
Category : Business & Economics
ISBN : 9780231542029
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on International Finance and Monetary Policy
Publisher : Unknown
Page : 344 pages
File Size : 42,6 Mb
Release : 1989
Category : Debt relief
ISBN : PSU:000015448224
Author : Anonim
Publisher : World Bank Publications
Page : 74 pages
File Size : 48,7 Mb
Release : 1990
Category : Business & Economics
ISBN : 0821317326
Author : Stijn Claessens,Ishac Diwan,Eduardo Fernandez-Arias
Publisher : World Bank Publications
Page : 52 pages
File Size : 40,7 Mb
Release : 2024-07-02
Category : Electronic
ISBN : 8210379456XXX
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 40 pages
File Size : 52,6 Mb
Release : 1990-03-19
Category : Business & Economics
ISBN : 1557751358
This paper focuses on principles and various aspects of debt reduction and economic activity. The paper analyzes the effect of debt and debt-service reduction on the contractual and market values of a country's debt and also describes the IMF staff's preliminary attempts to describe and quantify the macroeconomic effects of debt and debt-service reduction. The method by which the buyback is financed is critical in determining how much debt reduction takes place, or, alternatively put, how much the price of debt rises. It is assumed in this paper that individual creditors are free to retain their existing claims and that these cannot be subordinated to new claims. It should be recognized at the outset that the approach used is but one of several possibilities. It should also be emphasized that the discussion is preliminary and that results will need to be reassessed as less restrictive assumptions are employed and as our understanding of the important economic relationships involved improves.
Author : Asl? Demirgüç-Kunt,Ishac Diwan
Publisher : World Bank Publications
Page : 39 pages
File Size : 49,7 Mb
Release : 1990
Category : Bank loans
ISBN : 8210379456XXX
Suppose that each creditor bank to a particular debtor country is confronted with a choice: each dollar of country debt held can be either rescheduled or sold at a given price. What choice will they make? Relatively strong banks will take advantage of a debt workout to exit from the debt. Relatively weak banks will relend.
Author : Ishrat Husain,Ishac Diwan
Publisher : World Bank Publications
Page : 326 pages
File Size : 47,5 Mb
Release : 1989
Category : Business & Economics
ISBN : 0821312464
The debt crisis in perspective; Debt management in the late 1980s; Debt reduction and recontracting.
Author : Robert Howe
Publisher : Unknown
Page : 38 pages
File Size : 49,7 Mb
Release : 1990
Category : Debts, External
ISBN : UCSC:32106009616779
Author : Walter Berger
Publisher : Springer Science & Business Media
Page : 184 pages
File Size : 42,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783322893307
The international debt problem has already generated a huge number of publications. Why then another publication? Many publications address macroeconomic implications of the debt problem, others investigate special new financing instruments such as debt equity swaps, others discuss the economic or legal aspects of debt reschedulings. This work of Walter Berger concentrates on the evolution of the financial side of the debt problem. This evolution is fascinating since it reveals a continuous expansion of the financial instruments being used and a surprising change in intercreditor relationships. While in the seventies equal treatment of creditors was not of much concern, this changed dramatically in the eighties. But lately equal treatment turned out to be a strong impediment to the creditors' management of loan portfolios. Hence, inequality of treatment is growing again. This development represents a challenge to everyone who tries to explain legal changes by using economic theory. Another characteristic of Walter Berger's work is that he starts from a broad institutional perspective. Most economists analyze the debt problem by assuming a world where everybody follows the same principles of rationality and optimization. Walter Berger questions this approach by arguing that cultural discrepancies among creditor countries and indebted countries make it difficult to define efficiency by "Western" standards only. Moreover, different cultures create what Berger calls "institutional obfuscation", that is, creditors have substantial difficulties to predict the behavior of differently minded debtors, and vice versa. This lack of information creates a transaction risk for each contracting party.
Author : Nancy Birdsall,John Williamson,Brian Deese
Publisher : Peterson Institute
Page : 190 pages
File Size : 53,8 Mb
Release : 2002
Category : Business & Economics
ISBN : 0881323314
This study brings readers up to date on the complicated subject of debt relief for poor countries. It also addresses the questions of more efficient and equitable government spending, building better institutions and attracting productive private investment.
Author : Dilip Das
Publisher : Routledge
Page : 636 pages
File Size : 49,6 Mb
Release : 2003-09-02
Category : Business & Economics
ISBN : 9781134871964
In this updated fourth edition, author Maurice Levi successfully integrates both the micro and macro aspects of international finance. He sucessfully explores managerial issues and focuses on problems arising from financial trading relations between nations, whilst covering key topics such as: * organization of foreign exchange markets * determination of exchange rates * the fundamental principles of international finance * foreign exchange risk and exposure * fixed and flexible exchange rates. This impressive new edition builds and improves upon the popular style and structure of the original. With new data, improved pedagogy, and coverage of all of the main developments in international finance over the last few years, this book will prove essential reading for students of economics and business.