Debt-Equity Swaps in Chile
AbstractThe analysis of debt-equity swaps operated in Chile since 1985 shows or suggests that: (1) In a debt-led recession the common belief that DFI net transfers are countercyclical tends to be wrong. (2) Roughly 70 percent of the discount of debt notes in international markets has been captured by the foreign investor. (3) In debt-led crises, domestic firms tend to be "under-priced" in foreign currency, thus reinforcing the "windfall gains" for swappers. (4) The economic rents captured by investor have contributed to create a supportive mood in the business community. (5) Debt-equity swaps has postponed capital service, but expected profit remittances are larger than the corresponding interest payment reduction. (6) Overall domestic capital formation has been low. Copyright 1990 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 14 (1990)
Issue (Month): 1 (March)
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