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Do the secondary markets believe in life after debt?

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Author Info
Hajivassiliou, V. A.

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Abstract

Using panel data econometric techniques to examine the case for external debt relief, this report explores the relations between measures of creditworthiness and debt discounts on the secondary markets. It finds, however, that secondary market values tend to reflect past difficulties, not anticipate future ones - so they can't be used to build a case for debt relief. The secondary markets, still in an early evolutionary stage, are quite"thin"and thus unable to exploit efficiently and quickly all available information on creditworthiness.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 252.

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Date of creation: 31 Aug 1989
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Handle: RePEc:wbk:wbrwps:252

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Related research
Keywords: Environmental Economics&Policies; Strategic Debt Management; Economic Theory&Research; Banks&Banking Reform; Financial Intermediation;

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  1. Mamoru Kaneko & Jacek Prokop, 1993. "A game theoretical approach to the international debt overhang," Journal of Economics, Springer, vol. 58(1), pages 1-24, February. [Downloadable!] (restricted)
    Other versions:
  2. Lestano & Jan Jacobs & Gerard H. Kuper, 2004. "Indicators of financial crises do work! An early-warning system for six Asian countries," International Finance 0409004, EconWPA. [Downloadable!]
    Other versions:
  3. Peter Rowland, . "Buyback of Colombian Sovereign Debt," Borradores de Economia 331, Banco de la Republica de Colombia. [Downloadable!]
  4. Hajivassiliou, 1993. "A Simulation Estimation Analysis of the External Debt Crises of Developing Countries," Cowles Foundation Discussion Papers 1057, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
  5. Barry Eichengreen & Ashoka Mody, 1998. "What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?," NBER Working Papers 6408, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. David McKenzie, 2004. "An Econometric analysis of IBRD creditworthiness," International Economic Journal, Korean International Economic Association, vol. 18(4), pages 427-448, December. [Downloadable!] (restricted)
    Other versions:
  7. Lisa M. Schineller, 1997. "A nonlinear econometric analysis of capital flight," International Finance Discussion Papers 594, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  8. Edda Zoli, 2004. "Credit Rationing in Emerging Economies' Access to Global Capital Markets," IMF Working Papers 04/70, International Monetary Fund. [Downloadable!]
  9. Peter Hjertholm, 1999. "Analytical History of Heavily Indebted Poor Country (HIPC) Debt Sustainability Targets," Discussion Papers 00-03, University of Copenhagen. Department of Economics. [Downloadable!]
  10. Barbone, Luca & Forni, Lorenzo, 1997. "Are markets learning? : behavior in the secondary market for Brady bonds," Policy Research Working Paper Series 1734, The World Bank. [Downloadable!]
  11. Cumby, Robert & Pastine, Tuvana, 2001. "Emerging Market Debt: Measuring Credit Quality and Examining Relative Pricing," CEPR Discussion Papers 2866, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  12. Peter Rowland, 2004. "The Colombian Sovereign Spread And Its Determinants," BORRADORES DE ECONOMIA 003572, BANCO DE LA REPÚBLICA. [Downloadable!]
  13. Fernandez, Raquel & Ozler, Sule, 1991. "Debt concentration and secondary market prices," Policy Research Working Paper Series 570, The World Bank. [Downloadable!]
  14. Chikako Oka, 2003. "Anticipating Arrears to the IMF: Early Warning Systems," IMF Working Papers 03/18, International Monetary Fund. [Downloadable!]
  15. Peter Rowland, 2005. "Buyback Of Colombian Sovereign Debt," BORRADORES DE ECONOMIA 002073, BANCO DE LA REPÚBLICA. [Downloadable!]
  16. Raquel Fernandez & Sule Ozler, 1991. "Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis," NBER Working Papers 3654, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Lisa M. Schineller, 1997. "An econometric model of capital flight from developing countries," International Finance Discussion Papers 579, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  18. Hjertholm, Peter, 2001. "Debt Relief and the Rule of Thumb: Analytical History of HIPC Debt Sustainability Targets," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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