International Debts: What's Fact and What's Fiction
AbstractFrom the vantage point of 1988, the 1982 judgment that the troubled foreign country debtors had a liquidity problem, not a solvency problem, appears to have been fiction. The fact is that troubled debtors did not productively use the resources they borrowed. Further loans to them only add to the burden of their existing debt. Retaining the loans at face value on the books of the creditor banks is a fiction that financial markets see through. Intervention by regulators and international lending agencies has impeded bilateral bargains between the debtors and the banks. Copyright 1989 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 27 (1989)
Issue (Month): 1 (January)
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- Bordo, Michael D. & Schwartz, Anna J., 2000.
"Measuring real economic effects of bailouts: historical perspectives on how countries in financial distress have fared with and without bailouts,"
Carnegie-Rochester Conference Series on Public Policy,
Elsevier, vol. 53(1), pages 81-167, December.
- Michael D. Bordo & Anna J. Schwartz, 2000. "Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts," NBER Working Papers 7701, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Anna J. Schwartz, 1998.
"Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?,"
NBER Working Papers
6824, National Bureau of Economic Research, Inc.
- Bordo, Michael D. & Schwartz, Anna J., 1999. "Under what circumstances, past and present, have international rescues of countries in financial distress been successful?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 683-708, August.
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