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Sensible debt buybacks for highly indebted countries
Previous studies indicate that debt buybacks at market prices benefit lenders the most because the lack of a seniority structure in sovereign lending distorts secondary market prices upward. The author examines whether welfare-improving buybacks would arise at the " fair " price. If so, po...
|a Sensible debt buybacks for highly indebted countries
260
|b World Bank
260
|a Washington, D.C.
260
|c March 1991
300
|a 32 p.
490
|a Working paper series
|v n. 621
500
|a Copias: F 20705
504
|a Incluye bibliografía
505
|a Copias: F 20705
505
|a 1. Introduction -- 2. The model -- 3. Reserve accumulation -- 4. Investment in physical capital -- 5. Negotiated debt buybacks -- 6. More on the lender side of the market -- 7. Conclusions -- References.
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|a Previous studies indicate that debt buybacks at market prices benefit lenders the most because the lack of a seniority structure in sovereign lending distorts secondary market prices upward. The author examines whether welfare-improving buybacks would arise at the " fair " price. If so, policy intervention is needed to remove the distortion. In a model of intertemporal consumption smoothing, buybacks at the fair price are desirable if the country experiences unusually heavy export earnings and if large reserve holdings tend to increase transfers to creditors in default states. Concerted agreements in which debt repurchases are linked to cuts in interest rates or new money requirements can make buybacks at the fair price viable, while preventing the free-rider problem among lenders.
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|a DEUDA EXTERNA
650
|a MODELOS ECONOMICOS
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|a GESTION DE LA DEUDA
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|a BANCO MUNDIAL
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700
|a Detragiache, Enrica
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|a Banco Mundial
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|a 16082 F
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