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Deriving Developing Country Repayment Capacity from the Market Prices of Sovereign Debt

Stijn ClaessensGeorge Gaetano Pennacchi

出版	International Economics Department, World Bank, 1992
URL	http://books.google.com.hk/books?id=3BWyAAAAIAAJ&hl=&source=gbs_api

註釋

The market prices of developing countries' debts are imperfect indicators of the countries' payment capacity, for three reasons: the concave shape of the debbt's payoff structure, the presence of third- party guarantees, and the differences in the terms of various debt claims. This new model takes those factors into account.