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The Simple Analytics of Debt-Equity Swaps

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Author Info
Helpman, Elhanan

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Abstract

Recent attempts to resolve the international debt crisis have lead some countries to engage in debt-equity swaps. This paper explores conditions under which such transactions are beneficial to the debtor, as well as the creditors. It identifies a market failure that may prevent the emergence of mutually beneficial swaps and analyzes the effects of swaps on the investment level in the debtor country. Copyright 1989 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 79 (1989)
Issue (Month): 3 (June)
Pages: 440-51
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Handle: RePEc:aea:aecrev:v:79:y:1989:i:3:p:440-51

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References listed on IDEAS
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  1. Bulow, Jeremy & Rogoff, Kenneth, 1989. "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 155-78, February. [Downloadable!] (restricted)
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  2. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-70, May. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Pierre-Richard Agenor & Joshua Aizenman, 1998. "Volatility and the Welfare Costs of Financial Market Integration," NBER Working Papers 6782, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Fernando Broner & Alberto Martin & Jaume Ventura, 2006. "Sovereign Risk and Secondary Markets," NBER Working Papers 12783, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Pierre-Richard Agenor & Joshua Aizenman, 1999. "Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management," NBER Working Papers 7446, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Joshua Aizenman & Michael Gavin & Ricardo Hausmann, 1996. "Optimal Tax and Debt Policy with Endogenously Imperfect Creditworthiness," NBER Working Papers 5558, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Joshua Aizenman & Andrew Powell, 1997. "Volatility and Financial Intermediation," NBER Working Papers 6320, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Joshua Aizenman & Stephen J. Turnovsky, 1999. "Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?," NBER Working Papers 7004, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Pierre-Richard Agénor & Joshua Aizenman, 2005. "Financial sector inefficiencies and the debt Laffer curve," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 10(1), pages 1-13. [Downloadable!]
    Other versions:
  8. Bulow, Jeremy & Rogoff, Kenneth & Ning S. Zhu & DEC & a descri & Buyback arrangements, 1994. "Estimating the efficiency gains of debt restructuring," Policy Research Working Paper Series 1317, The World Bank. [Downloadable!]
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