In 1988, the prices on the secondary market of LDC debt averaged 50 cents per dollar of face value. From the observation of such discount, this paper goes one step further and argues that the debt should be written down in order to account for the discrepancy between the face and market value of the debt. The paper is structured as follows. Section 1 spells out the model, section 2 calculates the socially efficient and the post-default growth rates...
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详细
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1988/11/30
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政策研究报告
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WPS132
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1
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1
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2010/07/01
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Is the discount on the secondary market a case for LDC debt relief?
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secondary market