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Mécanismes de désendettement des pays en développement. Les implications de l'intervention des institutions financières internationales, en présence d'incitations à l'ajustement

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  • Anne Gensollen
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    [eng] Debt relief for developing countries, adjustment incentives, and intervention of international financial institutions This paper examines the conditions under which the debt reduction schemes lead debtor countries to increase their adjustment effort and their solvency. These conditions depend on the debtor's situation, and notably, on the cost of the requested adjustment. Nevertheless, the optimal agreement is imposed by the debt reduction mechanism. We compare direct forgiveness and buybacks on the secondary debt market, and we show that this two modes of debt relief are equivalent if buybacks are financed by loans of IFI that are seniors. If loans of IFI are juniors, these operations are inconsistent with the situation of the debtor and lead private creditors to refuse all financing to a country with an important cost of the adjustment. [fre] L'analyse d'accords de désendettement, sous une contrainte d'incitation à l'ajustement, permet de définir les conditions sous lesquelles l'allégement des dettes conduit les pays débiteurs à accroître leur solvabilité. Ces conditions dépendent de la situation du débiteur et, notamment, du coût de l'ajustement demandé, mais l'accord optimal est dicté par le mode d'allégement choisi. Les rachats de dette constituent une solution équivalente à une annulation des créances s'ils sont financés par des prêts des IFI ayant un statut privilégié. Si les créances des IFI sont défavorisées, ces opérations entrent en contradiction avec la situation du débiteur et conduisent les créanciers privés à refuser tout financement lorsque le coût de l'ajustement est élevé.

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    Article provided by Programme National Persée in its journal Revue économique.

    Volume (Year): 52 (2001)
    Issue (Month): 2 ()
    Pages: 319-335

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    Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_2_410318
    Note: DOI:10.3406/reco.2001.410318
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