External debt depresses investment and lowers economic growth below its potential through its negative effect on liquidity and expected profitability. These effects can pull a country into a downward spiral in which both the debtor country and creditors lose. This article considers the possibilities for revising contracts between a debtor and its creditors once a debt crisis has erupted. The authors develop a framework that shows how various combinations...
更多显示
详细
-
1990/01/31
-
日志文章
-
14249
-
1
-
1
-
2010/07/01
-
Investment incentives : new money, debt relief, and the critical role of conditionality in the debt crisis
-
ratio of debt service to export