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• Cover; Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?; 1 Introduction; 2 Model; 3 Results from a Calibrated Economy; 4 Parameter Sensitivity; 5 Concluding Remarks.

Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incomplete, nominal exchange rate exposure allows countries to partially insure against shocks that move real exchange rates. We demonstrate that asset market incompleteness can simultaneously generate realistic gross asset positions and resolve the Backus-Smith puzzle: that relative consumptions and real exchange rates correlate negatively. We also show that local perturbation methods that use stabilizing endogenous discount factors are inaccurate when average and steady state interest rates differ. To address this, we develop a novel global solution method to accurately solve the model.

• Preface
• Overview
• Part I. Argument: 1. Examining the importance of epochs
• 2. Debt games and play: toward a model of debt rescheduling
• 3. A situational theory of payoffs and intervention decisions
• 4. A theory of situational change
• Part II. Epoch 1: the 1820s to the 1860s: 5. The intersection of high and low politics: Mexican debt rescheduling, 1824 to 1867
• 6. Guano makes the world go 'round: Peruvian debt rescheduling, 1823 to 1850s
• Part III. Epoch 2: the 1860s to the 1910s: 7. From stability to chaos: Mexican debt rescheduling, 1867 to 1914
• 8. To the victor go the spoils (and headaches): Peruvian debt rescheduling, 1875 to 1900s
• Part IV. Epoch 3: the 1910s to the 1950s: 9. Riding on the storm: Mexican debt rescheduling, 1916 to 1942
• 10. Years of false hope: Peruvian debt negotiations, 1930 to 1953
• Part V. Epoch 4: the 1970s to the 1990s: 11. The good guys get tired: Mexico in the 1980s
• 12. The politics of confrontation: Peru in the 1980s and 1990s
• 13. Collision course: Argentina in the 1980s and 1990s
• 14. The search for independence: Brazil in the 1980s and 1990s
• Part VI. Implications: 15. Conclusion
• Appendix
• Bibliography.
• (source: Nielsen Book Data)

International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.
(source: Nielsen Book Data)

"Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1,689 firms, as well as more detailed proprietary data for 315 firms across nine East Asian countries, the authors find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for borrowing by firms. In particular, they find that legal effectiveness is important for determining the amount, maturity, and currency denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. The paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending. "--World Bank web site.

• El problema del endeudamiento externo
• La deuda externa latinoamericana
• Una interpretación de la crisis actual.

• An analytical framework.--A statistical presentation.--Essays.

• An analytical framework.--A statistical presentation.--Essays.

• Private bank lending to developing countries
• new approaches to country risk assessment
• commercial bank provisioning against claims on developing countries
• swapping developing country debt
• the future of bank lending to developing countries - the debt overhang and market access.
• (source: Nielsen Book Data)

One of the main features of the international economy and of world development since the beginning of the 1970s has been the changing role of the private sector, and in particular the commercial banks, in providing balance of payments financing to developing countries. The banks have become an integral element of the Third World debt problem. The activities of the banks, although much reported, have, however, received little direct analysis. This book sets out to make a contribution towards closing this gap. It investigates various aspects of commercial bank lending to developing countries not only examining past behaviour but also looking at the likely future evolution of bank lending. Graham Bird has also written "The International Monetary System and the Less Developed Countries", "World Finance and Adjustment - An Agenda For Reform" and "International Macroeconomics - Theory, Policy and Applications".
(source: Nielsen Book Data)

The International Monetary Fund was created to centralize the management of the global monetary system. As markets opened, the richer countries turned to other more flexible sources of finance, and IMF lending became almost exclusively focused on the developing world. The 1980s saw IMF shareholding countries restricting the activity of the Fund. A policy of reduced net lending was implemented, yet the IMF came under increasing fire for its handling of the escalating debt crisis. Without the IMF, the finance needs of developing countries in the 1990s are unlikely to be met. Yet, this book argues, to have a future itself, the IMF must reassess its own borrowing. The author's other books include: "World Finance and Adjustment: An Agenda for Reform" (1985); "International Macroeconomics: Theory, Policy and Applications" (1987); "Contemporary Issues in Applied Economics" (1991); "Economic Reform in Eastern Europe" (1992); "Classical Writings in International Debt (1994)"; and "Latin America's Economic Future" (1994).
(source: Nielsen Book Data)

This study brings readers up to date on the complicated and controversial subject of debt relief for the poorest countries of the world. What has actually been achieved? Has debt relief provided truly additional resources to fight poverty? How will the design and timing of the "enhanced Highly Indebted Poor Country (HIPC) initiative" affect the development prospects of the world's poorest countries and their people? The study then moves on to address several broader policy questions. Is debt relief a step towards more efficient and equitable government spending, building better institutions, and attracting productive private investment in the poorest countries? Who pays for debt relief? Is there a case for further relief? Most importantly, how can the campaign for debt relief be sustained in a broader effort to combat poverty in the poorest countries?
(source: Nielsen Book Data)

• Chapter 1. Introduction
• Chapter 2. The HIPC Initiative: Background and Critiques
• Chapter 3. The Case for More
• Chapter 4. What Form of More?
• Chapter 5. Deepening and Extending Debt Reduction
• Chapter 6. A New Aid Architecture
• Chapter 7. Conclusions.

This study brings readers up to date on the complicated subject of debt relief for poor countries. It also addresses the questions of more efficient and equitable government spending, building better institutions and attracting productive private investment.