| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP272 |
| DP272 Settling Defaults in the Era of Bond Finance | |
| Richard Portes | |
| 发表日期 | 1988-09-01 |
| 出版年 | 1988 |
| 语种 | 英语 |
| 摘要 | We scrutinize two strands of received wisdom about debt crises: that which draws a strong contrast between the 1930s and 1980s in extent of default and ease of settlement, and that which attributes the difference to greater government involvement today. Rather than a sharp, dichotomous variable, default in the 1930s was often partial and intermittent. Neither was settlement achieved in a way that readily permitted countries to put the debt crisis behind them. And creditor-country governments were often intimately involved in the process of debt negotiation. We consider a number of additional factors influencing the ease of settlement: (i) institutional features of the lending process; (ii) institutional features of the settlement process; (iii) the role of national divisions within the creditor community; (iv) the influence of global commodity- and credit-market conditions over the process of settlement. |
| 主题 | International Macroeconomics |
| 关键词 | Debt crisis Debtor nation International debt Sovereign borrowing |
| URL | https://cepr.org/publications/dp272 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529428 |
| 推荐引用方式 GB/T 7714 | Richard Portes. DP272 Settling Defaults in the Era of Bond Finance. 1988. |
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