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A Note on Burden Sharing among Creditors

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Author Info

  • Michael Dooley

    (International Monetary Fund)

  • Richard D. Haas

    (International Monetary Fund)

  • Steven Symansky

    (International Monetary Fund)

Abstract

This paper presents a framework for evaluating the relative contributions of different creditors in cases where only partial payments can be made by the debtor country. A methodology is developed to calculate partial payments--or, alternatively put, to determine residual financing. By focusing on the relative seniority of creditors and expectations of the debtor's ability to repay, alternative sharing rules are quantified. The measure is based on the expected present value of payments. Creditors earning a below-market rate of return suffer a burden; creditors earning the same rate of return are said to share the burden equally.

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Bibliographic Info

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

Volume (Year): 40 (1993)
Issue (Month): 1 (March)
Pages: 226-232

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Handle: RePEc:pal:imfstp:v:40:y:1993:i:1:p:226-232

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Cited by:
  1. Dooley, Michael & Fernandez-Arias, Eduardo & Kletzer, Kenneth & DEC, 1994. "Is the debt crisis history? Recent private capital inflows to developing countries," Policy Research Working Paper Series 1327, The World Bank.
  2. Bowe, M. & Dean, J.W., 1997. "Has the Market Solved the Sovereign-Debt Crisis?," Princeton Studies in International Economics 83, International Economics Section, Departement of Economics Princeton University,.
  3. Klingen, Christoph & Weder di Mauro, Beatrice & Zettelmeyer, Jeronimo, 2004. "How Private Creditors Fared in Emerging Debt Markets, 1970-2000," CEPR Discussion Papers 4374, C.E.P.R. Discussion Papers.

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