External debt in developing economies: assessment and policy issues

More than one decade after the external debt restructuring (the Brady Plan), a great amount of literature has been published concerning the balance sheet factors in developing countries. The staff of international multilateral institutions joined with reputable academics in this great controversy. The external debt problem of the developing countries is back and once more reflections on its cause and on policy recommendations are analytically distinct. Our main task is to reflect on the recent external debt dynamics and assess how this debt has evolved. Our findings indicate that the susceptibility of some developing countries to default is associated with global imbalance, that is, the way they borrow.

Valuing Sovereign Default Risk - A Pricing Formula and its Empirical Results for the Mexican External Debt.

Rapport de recherche

Dual resource transfers and interruption in external debt service

Externai debt service requires a dual resource transfer. Trade surpluses have to be generated in order to make foreign exchange revenues available for debt repayment. In addition, with developing countries' externai debt being largely a public liability, debt service requires that resources can be effectively transferred from the private to the public sector. This paper derives a statistical model for dealing with dual constraints in the presence of binary dependent variables and applies it to the dual resource transfer problem. The results from the estimation of the model for a sample of 31 middle-income developing countries in the period of 1980 to 1990, strongly support the hypothesis that both externai and fiscal constraints are important in explaining externai debt service disruptions.

The real cost of the external debt for the creditor and for the debtor

Includes bibliography

Ajuste del balance de pagos, política crediticia y control del endeudamiento externo = Balance-of-payments adjustment, credit policy and control of the external debt

Incluye Bibliografía

Introduction: internal debt, external debt and economic transformation

Presenta la introduccion a los temas sobre la deuda interna, la deuda externa, y el proceso de ajuste y transformacion economica tratados en este numero de la Revista de la CEPAL, que si bien tienen caracteristicas especiales que los distinguen unos de otros, tambien muestran relaciones reciprocas importantes que es necesario examinar.

External debt in Central America

Includes bibliography

Options for tackling the external debt problem

Includes bibliography

Transnational banks, external debt and Perú: results of a recent study

Includes bibliography

The real cost of the external debt for the creditor and for the debtor

Includes bibliography

The external debt and the financial problems of Latin America

Se refiere a las magnitudes envueltas en los problemas financieros de America Latina, al aumento de la deuda externa latinoamericana, y las razones y consecuencias de ese aumento. Plantea las soluciones de emergencia y de mediano plazo, tanto a nivel nacional como internacional, y las perspectivas para el futuro cercano.

The international scene and Latin America's external debt

Includes bibliography

Foreign policy and international financial negotiations: the external debt and the Cartagena Consensus

Includes bibliography

External debt: why don't our governments do the obvious?

Examina el proceso de la renegociacion de la deuda externa y la necesidad de instaurar una logica mas compatible con los intereses de los paises latinoamericanos. Expone como condicion necesaria para lograrlo, la capacidad de los liderazgos politicos para presentar a sus pueblos las verdaderas opciones, asi como los costos y riesgos de cada una de ellas.