The debt relief theory
DOI:
https://doi.org/10.24201/ee.v10i2.266Keywords:
economic crisis, external debt, developing countries, bargaining modelsAbstract
The LDC debt crisis has spurred a series of models which allow for the analysis of relief proposals. This paper studies some aspects of these models. Debt-buybacks, debt-equity swaps and the case for pure debt forgiveness are reviewed. Some bargaining models are also analyzed.
Downloads
References
Acharya, S. e I. Diwan (1993). "Debt Buybacks Signal Sovereign Countries' Creditworthiness", International Economic Review, vol. 34, pp. 795-818.
Armendàriz de Aghion, B. (1990). "International Debt. An Explanation of the Commercial Banks Economics, vol. 28, pp. 173-186.
Aizenman, J. (1991). "Trade Dependency, Bargaining and External Debt", Journal of International Economics, vol. 31, 101-120.
Bulow, J. y K. Rogoff (1988). "The Buyback Boondoggle", Brookings Papers on Economic Activity, vol. 2, pp. 675-698.
Bulow, J. y K. Rogoff (1989). "A Constant Recontracting Model of Sovereign Debt", Journal of Political Economy, vol. 97, pp. 155-178.
Bulow, J. y K. Rogoff (1991). "Sovereign Debt Repurchases: No Cure for Overhang", Quarterly Journal of Economics, vol. 151, pp. 1219-1235.
Fernández, J. (1993). "Debt and Incentives in a Dynamic Context", CEE, El Colegio de México, Serie documentos de trabajo del CEE, núm. I.
Fernández, R. y J. Glazer (1990). "The Scope for Collusive Behavior Among Debtor Countries", Journal of Development Economics, vol. 32, 297-313.
Froot, K. A. (1989) "Buybacks, Exit Bonds and the Optimality of Debt and Liquidity Relief", International Economic Review, vol. 30, pp. 49-70.
Froot, K. A., D. Scharfstein y J. Stein (1989). "LDC Debt: Forgiveness, Indexation, and Investment Incentives", The Journal of Finance, vol. 44, pp. 1335-1350.
Goldberg, L. y M. Spiegel (1992). "Debt Write-Downs and Debt-Equity Swaps in a Two-Sector Model", Journal of International Economics, vol. 33, pp. 267-283.
Helpman, E. (1989a). "The Simple Analytics of Debt-Equity Swaps", American Economic Review, vol. 79, pp. 440-451.
Helpman, E. (1989b). "Voluntary Debt Reduction: Incentives and Welfare", International Monetary Fund Staff Papers, vol. 36, pp. 580-611.
Krugman, P. (1988). "Financing vs. Forgiving a Debt Overhang", Journal of Development Economics, vol. 29, pp. 253-268.
Roth, A. (1979). Axiomatic Models of Bargaining, Springer Verlag.
Rubinstein, A. (1982). "Perfect Equilibrium in a Bargaining Model", Econometrica, vol. 50, pp. 97-109.
Sachs, J. (1988a). "Comprehensive Debt Retirement: The Bolivian Example", Brookings Papers on Economic Activity, vol. 2, pp. 705-713.
Sachs, J. (1988b). "The Debt Overhang of Developing Countries", en De Macedo and Findlay (comps.), Diaz Memorial Volume, Wider Institute, Helsinki.
Spence, M. (1973). "Job Market Signalling", Quarterly Journal of Economics, vol. 137, pp. 355-374.
Van Wijnbergen, S. (1990). "Cash/Debt Buy-Backs and the Insurance Value of Reserves", Journal of International Economics, vol. 29, pp. 123-132.
Downloads
Published
How to Cite
-
Abstract465
-
PDF (Español)149