返回Google圖書搜尋

Sovereign Debt Repurchases

其他書名	No Cure for Overhang
出版	National Bureau of Economic Research, 1989
URL	http://books.google.com.hk/books?id=pCKyAAAAIAAJ&hl=&source=gbs_api

註釋We show, in a reasonably general model, that if a highly indebted country has good investment projects available to it, then it will not benefit from using any of its resources to buy back debt at market prices. Debt buybacks and debt-equity swaps only make sense for the country if these programs are heavily subsidized by creditors. This result holds for all buyback programs large and small, so long as they involve voluntary creditor participation and are not part of a larger deal including offsetting concessions from lenders. Our analysis therefore casts doubt on the popular argument that unilateral debt repurchases benefit HICs by relieving "debt overhang."