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Buy-Backs and Market Valuation of External Debt

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  • Michael P. Dooley

    (International Monetary Fund)

Abstract

It has been argued that "buy-backs" and "debt-equity swaps" allow developing countries to benefit from market discounts on their external debt. It is argued here, however, that if such programs are expected to be successful in increasing the market value of remaining debt, they also lead to a roughly equivalent increase in prices at which a buy-back or debt-equity swap could be carried out.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 35 (1988)
Issue (Month): 2 (June)
Pages: 215-229

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Handle: RePEc:pal:imfstp:v:35:y:1988:i:2:p:215-229

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Cited by:
  1. Fernando A Broner & Alberto Martin & Jaume Ventura, 2006. "Sovereign Risk and Secondary Markets," Working Papers 306, Barcelona Graduate School of Economics.
  2. Joshua Aizenman & Michael Gavin & Ricardo Hausmann, 2001. "Optimal tax and debt policy with endogenously imperfect creditworthiness," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 9(4), pages 367-395.
  3. Cohen, Daniel, 1990. "A Valuation Formula for LDC Debt," CEPR Discussion Papers 460, C.E.P.R. Discussion Papers.
  4. Jeremy I. Bulow & Kenneth Rogoff, 1988. "Sovereign Debt Restructurings: Panacea or Pangloss?," NBER Working Papers 2637, National Bureau of Economic Research, Inc.
  5. Elhanan Helpman, 1988. "Voluntary Debt Reduction: Incentives and Welfare," NBER Working Papers 2692, National Bureau of Economic Research, Inc.
  6. Michael Bowe & James W. Dean, 1997. "Debt-equity swaps and the enforcement of sovereign loan contracts," Journal of International Development, John Wiley & Sons, Ltd., vol. 9(1), pages 59-83.
  7. Siebert, Horst, 1991. "Wege aus der Verschuldungskrise," Open Access Publications from Kiel Institute for the World Economy 2011, Kiel Institute for the World Economy (IfW).
  8. Graham Bird & Nicholas Snowden, 1997. "From banks to bonds: a problem resolved? A perspective from the LDC debt literature," Journal of International Development, John Wiley & Sons, Ltd., vol. 9(2), pages 207-220.
  9. Helpman, Elhanan, 1989. "The Simple Analytics of Debt-Equity Swaps," American Economic Review, American Economic Association, vol. 79(3), pages 440-51, June.
  10. Stephan Koren, 1992. "Debt relief for Eastern Europe — Its costs and the distribution of proceeds: Some preliminary results," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 128(4), pages 639-661, December.

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