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Le partage du fardeau entre les créanciers de pays débiteurs défaillants

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  • Jean-Claude Berthélemy
  • Ann Vourc'h

Abstract

Ce document technique présente les résultats d'une recherche menée en vue de définir et d'expliquer le partage du fardeau de la crise de la dette entre les différents créanciers. L'interaction entre les créanciers, qui se manifeste en premier lieu dans ce partage du fardeau, est un phénomène qui a été indûment négligé par les analyses et les politiques mises en oeuvres depuis le début de la crise de la dette. On montre dans un premier temps comment on peut, au prix d'un petit nombre d'hypothèses analytiques simplificatrices, définir et mesurer statistiquement le partage du fardeau entre les créanciers. La méthode proposée est alors mise en oeuvre sur des données de panel regroupant 28 pays sur 5 ans (1985-1989). Les calculs effectués conduisent à des résultats extrêmement nets, selon lesquels, dans les années récentes, le fardeau aurait été porté principalement par les créanciers publics et surtout, parmi ceux-ci, par les institutions multilatérales. Dans un deuxième ... This Technical paper presents the results of research carried out with the aim of defining and explaining how the debt crisis burden is shared between the different creditors. The interaction between creditors, which is seen primarily in this burden-sharing, is a phenomenon that has been unduly neglected by the analyses and the policies implemented since the beginning of the debt crisis. The paper first shows how it is possible, at the price of a small number of simplifying analytical assumptions, to define and statistically measure burden-sharing among creditors. The proposed method is then applied to the data of a sample group of 28 countries for a 5 year period (1985-1989). The calculations lead to extremely clear results, according to which the burden has in recent years fallen mainly on official creditors and, among these, above all on the multilateral institutions. The paper then goes on to throw light on the macroeconomic determinants of the burden borne by the ...

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 44.

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Date of creation: Sep 1991
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Handle: RePEc:oec:devaaa:44-fr

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