Debt-Equity Swaps in Chile
The analysis of debt-equity swaps operated in Chile since 1985 shows or suggests that: (1) In a debt-led recession the common belief that DFI net transfers are countercyclical tends to be wrong. (2) Roughly 70 percent of the discount of debt notes in international markets has been captured by the foreign investor. (3) In debt-led crises, domestic firms tend to be "under-priced" in foreign currency, thus reinforcing the "windfall gains" for swappers. (4) The economic rents captured by investor have contributed to create a supportive mood in the business community. (5) Debt-equity swaps has postponed capital service, but expected profit remittances are larger than the corresponding interest payment reduction. (6) Overall domestic capital formation has been low. Copyright 1990 by Oxford University Press.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 14 (1990)
Issue (Month): 1 (March)
|Contact details of provider:|| Postal: |
Fax: 01865 267 985
Web page: http://www.cje.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:14:y:1990:i:1:p:109-26. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.