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...

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Bibliographic Details
Main Author: Detragiache, Enrica
Corporate Author: Banco Mundial
Format: Book
Published: Washington, D.C. World Bank March 1991
Series:Working paper series n. 621
Subjects:
Table of Contents:
  • Copias: F 20705
  • 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.