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Debt Conversions in Yugoslavia

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  • Mojmir Mrak
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    Abstract

    The paper begins with a brief description of the relationship between Yugoslavia and its creditors throughout the 1980s, providing a background for the introduction of debt conversions in Yugoslav practice. The main features of the legal environment for debt conversions, especially of the debt conversion programme initiated in March 1989, are then reviewed. The paper then focuses on the main patterns of debt conversions executed in Yugoslavia with respect to their volume, structure of transactions, sources of funds and debt reduction effects. It appears in particular that the Yugoslav debt conversion programme presents many original features when compared with similar programmes implemented in several developing countries. Finally, the paper provides a review of the micro and macroeconomic implications of debt conversions, including the cost and benefits of these transactions, and concludes that this programme has been quite successful for Yugoslavia ... Ce texte commence par une brève description des relations entre la Yougoslavie et ses créanciers dans les années 1980, dans le contexte desquelles la conversion de dette a été mise en oeuvre. Les principaux traits de l'environnement réglementaire de la conversion de dette sont ensuite examinés, en particulier en ce qui concerne le programme établi à partir de mars 1989. Par la suite, ce document examine les caractéristiques principales des conversions de dettes réalisées par la Yougoslavie, en termes de volume, de structure des transactions, d'origine des fonds et de réduction de la dette. Il apparaît en particulier que le programme de conversion de dette yougoslave présente beaucoup d'aspects originaux par rapport à des programmes similaires appliqués dans plusieurs pays en développement. Pour finir, ce document passe en revue les implications micro et macro-économiques des conversions de dettes, avec une comparaison des coûts et bénéfices associés à ces transactions. L'auteur ...

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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 54.

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    Date of creation: Feb 1992
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    Handle: RePEc:oec:devaaa:54-en

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