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Multilateral Negotiations for Rescheduling Developing Country Debt: A Bargaining-Theoretic Framework

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Author Info

  • Jeremy Bulow

    (International Monetary Fund)

  • Kenneth Rogoff

    (International Monetary Fund)

Abstract

A dynamic bargaining-theoretic framework is used to analyze multilateral negotiations for rescheduling sovereign debt. The analysis illustrates how various factors, such as the debtor's gains from trade and the level of world interest rates, affect the relative bargaining power of various parties to a rescheduling agreement. If creditor-country taxpayers have a vested interest in maintaining normal levels of trade with debtor countries, then they can sometimes be bargained into making sidepayments. The benefits from unanticipated creditor-country sidepayments accrue to both lenders and borrowers. But the benefits from perfectly anticipated sidepayments accrue entirely to borrowers.

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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): 4 (December)
Pages: 644-657

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Handle: RePEc:pal:imfstp:v:35:y:1988:i:4:p:644-657

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Cited by:
  1. Eaton, J. & Fernandez, R., 1995. "Sovereign Debt," Papers, Boston University - Department of Economics 37, Boston University - Department of Economics.
  2. Wasseem Mina & Jorge Martinez-Vazquez, 2002. "IMF Lending, Maturity of International Debt and Moral Hazard," International Center for Public Policy Working Paper Series, at AYSPS, GSU, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University paper0301, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  3. Gelpern, Anna & Gulati, Mitu, 2013. "The wonder-clause," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 367-385.

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