What's in a default? Lending to LDCs in the face of default risk
This paper develops an expected profit maximizing framework for characterizing the default risk associated with international lending during the early and mid-1980's. We identify the risk of default as associated with arrears in payments rather than rescheduling of principal or interest.
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References listed on IDEAS
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- Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
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- repec:ags:ucdavw:225633 is not listed on IDEAS
- Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 37-53.
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- Odedokun, M O, 1995. "Analysis of Probability of External Debt Rescheduling in Sub-Saharan Africa," Scottish Journal of Political Economy, Scottish Economic Society, vol. 42(1), pages 82-98, February.
- Eaton, Jonathan & Gersovitz, Mark, 1980. "LDC participation in international financial markets : Debt and reserves," Journal of Development Economics, Elsevier, vol. 7(1), pages 3-21, February. Full references (including those not matched with items on IDEAS)
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