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...
This paper analyzes the two issues of quadrilateral compact and policy-based lending within the framework developed in two CPD working papers. Its primary purpose is to explore what the role of the Bank...
This paper provides a conceptual basis for the analysis of determinants of commercial bank lending to LDCs. Modern financial economic theory, and in particular the valuation of options, is used to develop...
This paper extends the discussion of LDC borrowing with a discussion of possible repudiation of the external debt of countries and the impact on the value of debt when reschedulings can occur. It uses...