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An Assessment of the Brady Plan Agreements

Listed author(s):
  • Jean-Claude Berthélemy
  • Robert Lensink

This paper presents an assessment of the results of Brady plans for debtor countries which have implemented such agreements (Costa Rica, Mexico, the Philippines, Uruguay and Venezuela). First, we show that the relatively successful Mexican case cannot be generalized, due to the great diversity of the agreements signed. Hence a case-by-case analysis is essential. Second, we attempt to measure the distribution of wealth gains and losses among Brady plan participants. An original feature of this attempt is that we explicitly take account of the role of multilateral creditors in the burden sharing. In a simplified framework, Brady plans are interpreted as a "gift" from official creditors, which is, with one exception, fairly equally shared between banks and debtors. On completion of this analysis, the assessment is modified on a case-by-case basis in order to take account of efficiency gains specifically linked to the Brady deals. This does not lead to very optimistic conclusions about ... Ce document présente une évaluation des plans Brady du point de vue des cinq pays débiteurs qui ont jusqu'à présent mis en oeuvre de tels accord (Costa Rica, Mexique, Philippines, Uruguay, Venezuela). Dans un premier temps, on montre que le relatif succès du plan Brady mexicain n'est pas nécessairement généralisable, tant la diversité des accords signés est grande. Une évaluation au cas par cas est par conséquent nécessaire. Dans un second temps, on tente de mesurer les effets des plans Brady en termes de répartition des gains et pertes de richesse entre les parties prenantes. Cette tentative présente l'originalité de tenir compte explicitement du rôle des créanciers multilatéraux dans le partage du fardeau. En première analyse, les plans Brady sont ici interprétés comme un "cadeau" des créanciers officiels, partagé à une exception près à parts sensiblement égales entre les banques et les débiteurs. Si l'on complète l'analyse pour tenir compte de gains d'efficacité spécifiquement ...

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Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 67.

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Date of creation: 01 May 1992
Handle: RePEc:oec:devaaa:67-en
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