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The LDC debt problem: a game-theoretical analisys

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  • Simonsen, Mario Henrique
  • Werlang, Sérgio Ribeiro da Costa

Abstract

We review the LDC debt crisis since 1982, by means of game theory. New insights are obtained into the reasons behind the formation of the creditors' carte1 and the nature of the difficu1ties invo1ved in the formation of the debtors' carte1. The standard view that Rubinstein's barganing mode1s are appropriate for dea1ing with debt re1ief is shown to be faulty, un1ess the debtor buys out the debt.

Suggested Citation

  • Simonsen, Mario Henrique & Werlang, Sérgio Ribeiro da Costa, 1989. "The LDC debt problem: a game-theoretical analisys," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 144, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    • Handle: RePEc:fgv:epgewp:144
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    References listed on IDEAS

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    1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
    2. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
    3. James W. Friedman, 1971. "A Non-cooperative Equilibrium for Supergames," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(1), pages 1-12.
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