IDEAS home Printed from
   My bibliography  Save this paper

Debt Conversions in Yugoslavia


  • Mojmir Mrak


The paper begins with a brief description of the relationship between Yugoslavia and its creditors throughout the 1980s, providing a background for the introduction of debt conversions in Yugoslav practice. The main features of the legal environment for debt conversions, especially of the debt conversion programme initiated in March 1989, are then reviewed. The paper then focuses on the main patterns of debt conversions executed in Yugoslavia with respect to their volume, structure of transactions, sources of funds and debt reduction effects. It appears in particular that the Yugoslav debt conversion programme presents many original features when compared with similar programmes implemented in several developing countries. Finally, the paper provides a review of the micro and macroeconomic implications of debt conversions, including the cost and benefits of these transactions, and concludes that this programme has been quite successful for Yugoslavia ... Ce texte commence par une brève description des relations entre la Yougoslavie et ses créanciers dans les années 1980, dans le contexte desquelles la conversion de dette a été mise en oeuvre. Les principaux traits de l'environnement réglementaire de la conversion de dette sont ensuite examinés, en particulier en ce qui concerne le programme établi à partir de mars 1989. Par la suite, ce document examine les caractéristiques principales des conversions de dettes réalisées par la Yougoslavie, en termes de volume, de structure des transactions, d'origine des fonds et de réduction de la dette. Il apparaît en particulier que le programme de conversion de dette yougoslave présente beaucoup d'aspects originaux par rapport à des programmes similaires appliqués dans plusieurs pays en développement. Pour finir, ce document passe en revue les implications micro et macro-économiques des conversions de dettes, avec une comparaison des coûts et bénéfices associés à ces transactions. L'auteur ...

Suggested Citation

  • Mojmir Mrak, 1992. "Debt Conversions in Yugoslavia," OECD Development Centre Working Papers 54, OECD Publishing.
  • Handle: RePEc:oec:devaaa:54-en

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
    2. Jeffrey D. Sachs, 1989. "Developing Country Debt and Economic Performance. The International Financial System," NBER Chapters,in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages -12 National Bureau of Economic Research, Inc.
    3. Jeffrey D. Sachs, 1989. "Developing Country Debt and the World Economy," NBER Books, National Bureau of Economic Research, Inc, number sach89-3, January.
    4. Philippe Callier, 1989. "Debt Relief and Adjustment Incentives in a Financially Open Economy: Comment on Corden," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 514-522, June.
    5. W. Max Corden, 1988. "Debt Relief and Adjustment Incentives," IMF Staff Papers, Palgrave Macmillan, vol. 35(4), pages 628-643, December.
    6. Alain Ize & Guillermo Ortiz, 1987. "Fiscal Rigidities, Public Debt, and Capital Flight," IMF Staff Papers, Palgrave Macmillan, vol. 34(2), pages 311-332, June.
    7. Jeffrey D. Sachs, 1989. "Introduction to "Developing Country Debt and the World Economy"," NBER Chapters,in: Developing Country Debt and the World Economy, pages 1-34 National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oec:devaaa:54-en. 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: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.