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What's in a default? Lending to LDCs in the face of default risk

Listed author(s):
  • Easton, Stephen T.
  • Rockerbie, Duane W.

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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File URL: http://www.sciencedirect.com/science/article/pii/S0304-3878(98)00116-3
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Article provided by Elsevier in its journal Journal of Development Economics.

Volume (Year): 58 (1999)
Issue (Month): 2 (April)
Pages: 319-332

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Handle: RePEc:eee:deveco:v:58:y:1999:i:2:p:319-332
Contact details of provider: Web page: http://www.elsevier.com/locate/devec

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  1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
  2. International Monetary Fund, 1996. "The Economic Content of Indicators of Developing Country Creditworthiness," IMF Working Papers 96/9, .
  3. Hernandez-Trillo, Fausto, 1995. "A model-based estimation of the probability of default in sovereign credit markets," Journal of Development Economics, Elsevier, vol. 46(1), pages 163-179, February.
  4. 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.
  5. 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.
  6. Lee, Suk Hun, 1993. "Are the credit ratings assigned by bankers based on the willingness of LDC borrowers to repay?," Journal of Development Economics, Elsevier, vol. 40(2), pages 349-359, April.
  7. Edwards, Sebastian, 1984. "LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-80," American Economic Review, American Economic Association, vol. 74(4), pages 726-734, September.
  8. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-161, January.
  9. Feder, Gershon & Just, Richard E., 1977. "An analysis of credit terms in the eurodollar market," European Economic Review, Elsevier, vol. 9(2), pages 221-243.
  10. Richard Cantor & Frank Packer, 1996. "Determinants and impacts of sovereign credit ratings," Research Paper 9608, Federal Reserve Bank of New York.
  11. 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.
  12. Eaton, Jonathan & Taylor, Lance, 1986. "Developing country finance and debt," Journal of Development Economics, Elsevier, vol. 22(1), pages 209-265, June.
  13. repec:ags:ucdavw:225633 is not listed on IDEAS
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