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U.S. Commercial Banks and the Developing Country Debt Crisis

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Author Info
Jeffrey Sachs
Harry Huizinga

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Abstract

The major theme of this paper is that the commercial banks have weathered the debt crisis, while many debtor countries remain in economic paralysis or worse. There is a growing consensus that much of the LDC debt will not be fully serviced in the future, and that consensus is reflected in at least two ways: in the discounts observed in the secondary market prices for LDC debt, and in the discounts in the stock market pricing of banks with exposure in the LDCs.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2455.

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Date of creation: Dec 1987
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Handle: RePEc:nbr:nberwo:2455

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