| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP312 |
| DP312 Debt Relief and Secondary Market Discount | |
| Daniel Cohen | |
| 发表日期 | 1989-04-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the inefficiency that arises from a debt overhang. In order to define the lenders' optimal rescheduling strategy, I calculate the maximum present discounted value of the repayment they could obtain. This upper bound occurs when the borrower gives up sovereignty over all decisions except to default. To secure the maximum, however, the lenders do not simply extract a payment equal to the cost of default, but allows the country to invest more. The maximum present discounted value return coincides with the equilibrium market value of the debt. Rather than a debt write-off, the key to an efficient rescheduling process is a clear commitment from the lenders that the flow of resources they will ask the debtor to transfer will reflect the secondary market discou. |
| 主题 | International Macroeconomics |
| 关键词 | Buy-back Debt Developing countries Secondary market |
| URL | https://cepr.org/publications/dp312 |
| 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/529462 |
| 推荐引用方式 GB/T 7714 | Daniel Cohen. DP312 Debt Relief and Secondary Market Discount. 1989. |
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