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On the Determinants of a Country's Creditworthiness - The Case of Israel: 1971 to 1983

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  • Gottlieb, Daniel

Abstract

This paper assesses an economy's default risk on its international debt by considering different approaches,prevalent in the literature. Unlike in multi-country studies,these data comprise reported loans to one economy only-This is useful since the country's macroeconomic development is the common factor in all observations.The study suggests that for Israeli data the traditional approach,stressing an economy's ability to repay the external debt,performed better than the more recent approach emphasizing the borrowing country's costs and benefits from default,reflecting Its willingness to repay debt.Policy considerations conclude the study.

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File URL: http://mpra.ub.uni-muenchen.de/3147/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3147.

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Date of creation: 04 Dec 1987
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Publication status: Published in Journal of Economic Development Number 1.Volume(1989): pp. 65-91
Handle: RePEc:pra:mprapa:3147

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Related research

Keywords: Country risk; Sovereign risk; creditworthiness; external debt; borrowing countries; Israel;

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References

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  1. Feder, Gershon & Just, Richard E., 1977. "A study of debt servicing capacity applying logit analysis," Journal of Development Economics, Elsevier, vol. 4(1), pages 25-38, February.
  2. Nicholas Sargen, 1977. "Economic indicators and country risk appraisal," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 19-35.
  3. Hanson, James A, 1974. "Optimal International Borrowing and Lending," American Economic Review, American Economic Association, vol. 64(4), pages 616-30, September.
  4. Hamada, Koichi, 1969. "Optimal Capital Accumulation by an Economy Facing an International Capital Market," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 684-97, Part II, .
  5. Dornbusch, Rudiger, 1982. "Consumption opportunities and the real value of the external debt," Journal of Development Economics, Elsevier, vol. 10(1), pages 93-101, February.
  6. Kharas, Homi, 1984. "The Long-Run Creditworthiness of Developing Countries: Theory and Practice," The Quarterly Journal of Economics, MIT Press, vol. 99(3), pages 415-39, August.
  7. Eaton, Jonathan & Gersovitz, Mark, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Wiley Blackwell, vol. 48(2), pages 289-309, April.
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Cited by:
  1. Marco Antônio F. de H. Cavalcanti & Christian Vonbun, 2007. "Reservas internacionais ótimas para o Brasil: uma análise simples de custo-benefício para o período 1999-2007," Discussion Papers 1315, Instituto de Pesquisa Econômica Aplicada - IPEA.
  2. Suheyla Ozyildirim & Bulent Yaman, 2005. "Optimal versus adequate level of international reserves: evidence for Turkey," Applied Economics, Taylor & Francis Journals, vol. 37(13), pages 1557-1569.

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