| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w4007
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| 来源ID | Working Paper 4007
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| Debt Reduction, Adjustment Lending, and Burden Sharing |
| Ishac Diwan; Dani Rodrik
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| 发表日期 | 1992-03-01
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| 出版年 | 1992
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| 语种 | 英语
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| 摘要 | We argue that the disincentive effect of a debt overhang is generally small and consequently that debt reduction does not lead to important efficiency gains on this account. Instead, we develop a framework that highlights the inefficiency created by the liquidity constraint faced by over-indebted countries. Often, adjustment/investment opportunities that are profitable at the world interest rate cannot be undertaken for lack of sufficient funds. New creditors are deterred from investing as they expect to be 'taxed" by the old creditors who stand to gain disproportionately. This leads to an inefficient situation when a class of new creditors have a comparative advantage relative to the old creditors. We focus on the time inconsistency introduced by the shortage of liquidity. New (unconditional) loans will be consumed rather than invested. In this context conditional lending can release the liquidity constraint in a time consistent way and lead to efficiency gains that can be shared between the debtor, the old creditors, and the new creditors. The role of debt reduction then is to create the "headroom" needed for these new and more efficient creditors to step in |
| 主题 | International Economics
; International Finance
; Development and Growth
; Development
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| URL | https://www.nber.org/papers/w4007
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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/561349
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推荐引用方式
GB/T 7714 |
Ishac Diwan,Dani Rodrik. Debt Reduction, Adjustment Lending, and Burden Sharing. 1992.
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文件名：
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w4007.pdf
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格式：
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Adobe PDF
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