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Author: Jeffrey Sachs Publisher: World Bank Publications ISBN: Category : Debt equity conversion Languages : en Pages : 64
Book Description
Debt reduction poses collective action problems that cannot be efficiently handled in the framework of voluntary market-based approaches. Instead we need concerted debt restructuring, based on below-market interest rates -- perhaps linked with credit enhancement by official creditors -- to provide the most direct mechanism for efficient, equitable sharing of losses.
Author: Jeffrey Sachs Publisher: World Bank Publications ISBN: Category : Debt equity conversion Languages : en Pages : 64
Book Description
Debt reduction poses collective action problems that cannot be efficiently handled in the framework of voluntary market-based approaches. Instead we need concerted debt restructuring, based on below-market interest rates -- perhaps linked with credit enhancement by official creditors -- to provide the most direct mechanism for efficient, equitable sharing of losses.
Author: Walter Berger Publisher: Springer Science & Business Media ISBN: 3322893308 Category : Business & Economics Languages : en Pages : 184
Book Description
The international debt problem has already generated a huge number of publications. Why then another publication? Many publications address macroeconomic implications of the debt problem, others investigate special new financing instruments such as debt equity swaps, others discuss the economic or legal aspects of debt reschedulings. This work of Walter Berger concentrates on the evolution of the financial side of the debt problem. This evolution is fascinating since it reveals a continuous expansion of the financial instruments being used and a surprising change in intercreditor relationships. While in the seventies equal treatment of creditors was not of much concern, this changed dramatically in the eighties. But lately equal treatment turned out to be a strong impediment to the creditors' management of loan portfolios. Hence, inequality of treatment is growing again. This development represents a challenge to everyone who tries to explain legal changes by using economic theory. Another characteristic of Walter Berger's work is that he starts from a broad institutional perspective. Most economists analyze the debt problem by assuming a world where everybody follows the same principles of rationality and optimization. Walter Berger questions this approach by arguing that cultural discrepancies among creditor countries and indebted countries make it difficult to define efficiency by "Western" standards only. Moreover, different cultures create what Berger calls "institutional obfuscation", that is, creditors have substantial difficulties to predict the behavior of differently minded debtors, and vice versa. This lack of information creates a transaction risk for each contracting party.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451977891 Category : Business & Economics Languages : en Pages : 8
Book Description
This note examines the efficiency gains that might result from market-based debt reduction and alternative uses of resources. It is argued that when a country’s expected output falls short of contractual claims on that output, private investment is drawn to activities that protect the investors’ share of future output at the expense of activities that increase future output. Resources provided by a third party could reduce this gap through market-based debt reduction or by supporting government investment or consumption. Given considerable uncertainty about the efficiency returns of alternative uses of resources, it seems likely that an optimal strategy would include both debt reduction and government investment.
Author: Ishac Diwan Publisher: ISBN: Category : Debt relief Languages : en Pages : 56
Book Description
We argue that the disincentive effect of a debt overhang is generally small and consequently that debt reduction does not lead to important efficiency gains on this account. Instead, we develop a framework that highlights the inefficiency created by the liquidity constraint faced by over-indebted countries. Often, adjustment/investment opportunities that are profitable at the world interest rate cannot be undertaken for lack of sufficient funds. New creditors are deterred from investing as they expect to be 'taxed" by the old creditors who stand to gain disproportionately. This leads to an inefficient situation when a class of new creditors have a comparative advantage relative to the old creditors. We focus on the time inconsistency introduced by the shortage of liquidity. New (unconditional) loans will be consumed rather than invested. In this context conditional lending can release the liquidity constraint in a time consistent way and lead to efficiency gains that can be shared between the debtor, the old creditors, and the new creditors. The role of debt reduction then is to create the "headroom" needed for these new and more efficient creditors to step in
Author: Eileen Nicole Publisher: iUniverse ISBN: 1440113076 Category : Business & Economics Languages : en Pages : 50
Book Description
Learn the secrets to: Settle debt yourself; Stop phone calls (legally); Cut interest rates; Halt fees; Save up to 60% on unsecured debt. A step by step, do it yourself guide including expert negotiation techniques.
Author: Jeremy Bulow Publisher: World Bank Publications ISBN: Category : Debt relief Languages : en Pages : 36
Book Description
The debt- overhang disincentive may not be as important as the broader problem of debtors' credit constraints in international capital markets. For severely indebted low- income countries, the best strategy is probably to replace nonconcessional debt with new concessional loans.
Author: Mr.Peter Wickham Publisher: International Monetary Fund ISBN: 9781557750419 Category : Business & Economics Languages : en Pages : 430
Book Description
This book, edited by Jacob A. Frenkel, Michael P. Dooley, and Peter Wickham, presents a sample of the work of the IMF and that of world-renowned scholars on the analytical issues surrounding the explosion of countries with debt-servicing difficulties and describes debt initiatives and debt-reduction techniques that hold the best promise for finding a lasting solution to the problems of debtor countries.
Author: John F. Avanzini Publisher: ISBN: 9781878605016 Category : Debt relief Languages : en Pages : 0
Book Description
Pastor and TV preacher John Avanzini offers practical stragegies for people to emerge from their unending web of debt, arguing that God does not want people to incur debt or remain there.
Author: Jeffrey Sachs
Author: Jeffrey Sachs
Author: Leonardo Vega
Author: Stijn Claessens
Author: Walter Berger
Author: International Monetary Fund
Author: Ishac Diwan
Author: Eileen Nicole
Author: Jeremy Bulow
Author: Mr.Peter Wickham
Author: John F. Avanzini