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A Noteon Burden Sharing Among Creditors

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  • Michael P. Dooley
  • Richard D. Haas
  • Steven A. Symansky

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—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

Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/21.

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Length: 28
Date of creation: 01 Mar 1992
Date of revision:
Handle: RePEc:imf:imfwpa:92/21

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Related research

Keywords: Burden sharing; Debt reduction; new money; private creditors; official creditors; official creditor; private debt; debtor country; stock of debt; debtor countries; monetary fund; private creditor; debt reduction programs; debt service; private credits; debt forgiven; bilateral creditors; debt reduction program; debt problems; amortization payment; debt strategy; debt rescheduling;

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Cited by:
  1. Jeromin Zettelmeyer & Beatrice Weder & Christoph Klingen, 2004. "How Private Creditors Fared in Emerging Debt Markets, 1970-2000," IMF Working Papers 04/13, International Monetary Fund.
  2. Dooley, Michael & Fernandez-Arias, Eduardo & Kletzer, Kenneth, 1996. "Is the Debt Crisis History? Recent Private Capital Inflows to Developing Countries," World Bank Economic Review, World Bank Group, vol. 10(1), pages 27-50, January.
  3. 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,.

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