There are four principal reasons for the higher than anticipated fall in industrial output in 1990 in Poland. First, the fact that industry had been oversupported during the socialist period implied that...
Small manufacturing enterprises in developing countries. A valuation model for developing-country debt with endogenous rescheduling. The political economy of economic liberalization. Sites and services...
Creditors have little recourse if a sovereign state repudiates debt obligations. They can, however, threaten to impose penalties if such action occurs which results in deadweight losses to the system as...
The need for a more rigorous approach to the assessment of foreign borrowing has been starkly revealed by recent events. Today, countries with and without access to voluntary commercial lending are faced...
Reschedulings are a device that creditors can use to structure the incentives faced by borrowers such that repudiation is never a rational option. This paper develops a numerical method for valueing the...