| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w2587
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| 来源ID | Working Paper 2587
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| Market-Based Debt-Reduction Schemes |
| Paul R. Krugman
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| 发表日期 | 1988-05-01
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| 出版年 | 1988
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| 语种 | 英语
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| 摘要 | Recently much attention has been given to the idea of reducing the debt of developing countries through a "menu approach" of schemes that attempt to harness the discounts on debt in the secondary market. This paper, after reviewing the rationale for the orthodox strategy of concerted lending and the case for debt forgiveness, examines the logic behind several market-based debt reduction schemes. It shows that such schemes will ordinarily benefit both debtor and creditor only when the debtor is on the wrong side of the "debt relief Laffer curve" -- that is, where a reduction in nominal claims actually increases expected payment. This is, however, also the case in which unilateral debt forgiveness is in the interest of creditors in any case. The implication is that there is no magic in market-based debt reduction, as opposed to more straightforward approaches. |
| 主题 | International Economics
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| URL | https://www.nber.org/papers/w2587
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559841
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推荐引用方式
GB/T 7714 |
Paul R. Krugman. Market-Based Debt-Reduction Schemes. 1988.
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文件名：
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w2587.pdf
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格式：
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Adobe PDF
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