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Author: Günter Franke
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Author: Günter Franke
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451923503
Category : Business & Economics
Languages : en
Pages : 42
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This paper describes the development of debt/equity swaps in the years following the emergence of the international debt crisis. It discusses some of the possible advantages and disadvantages offered by such swaps to three groups of participants--the commercial banks, the investing companies, and the indebted countries. It also provides an analysis of how these swaps are treated in the balance of payments accounts of an indebted country and discusses their possible effects on that country’s money supply, foreign exchange rate and economic growth. The paper concludes that debt/equity swaps can help to make a country’s debt burden more manageable and can contribute to economic growth, but only to a limited extent.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451980167
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper is concerned with debt-equity swaps in which foreign residents are a party to the exchange (i.e., it does not deal with flight capital), and with debt forgiveness. The seemingly unrelated issues of debt-equity swaps and debt forgiveness are jointly treated in this study, because debt forgiveness is in fact a special case of debt-equity swaps. Namely, it is a swap in which a positive amount of debt is exchanged for zero equity. For this reason these two problems have many common features.
Author: Sebastian Edwards
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 60
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One of the nest serious consequences of the debt crisis of 1982 has been the reduction in the accessibility to the world capital market for most developing countries. This situation has proved to be particularly serious for Latin American nations. At this juncture, a key question is how to improve the LLCs attractiveness for foreign capital flows. In this paper I explore the role of two potential sour of additional private capital inflows: increased direct foreign investment, and the debt-conversion mechanisms. The paper presents the results from an economic analysis of the determinants of the cross-country distribution of the OECD direct foreign investment (DFI) into the LDCs. Particular emphasis is given to assessing the relative importance of political variables of the recipient countries. The role of the debt-equity swaps as investments for reducing the extreme debt burden is also investigated, using the recent Chilean experience with these mechanisms as a case-study.
Author: Elhanan Helpman
Publisher:
ISBN:
Category : Debt
Languages : en
Pages : 48
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Book Description
Recent attempts to resolve the international debt crisis have lead some countries to engage in debt-equity swaps. The paper explores conditions under which such transactions are beneficial to the debtor as well as the creditors. It identifies a market failure that may prevent the emergence of actually beneficial swaps and analyzes the effects of swaps on the investment level in the debtor country. The latter helps to evaluate the contribution of this policy to future difficulties with debt service payments.
Author: Michael Blackwell
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
This paper describes the development of debt/equity swaps in the years following the emergence of the international debt crisis. It discusses some of the possible advantages and disadvantages offered by such swaps to three groups of participants--the commercial banks, the investing companies, and the indebted countries. It also provides an analysis of how these swaps are treated in the balance of payments accounts of an indebted country and discusses their possible effects on that country`s money supply, foreign exchange rate and economic growth. The paper concludes that debt/equity swaps can help to make a country`s debt burden more manageable and can contribute to economic growth, but only to a limited extent.
Author: Annika Wolf
Publisher: Nomos Verlagsgesellschaft
ISBN: 9783848715350
Category : Comparative Law: Civil and Commercial Law
Languages : en
Pages : 0
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Book Description
The central question of this thesis is whether the restructuring instrument of a debt-equity swap pursuant to 225a InsO has contributed towards the making of substantial progress towards a rescue culture in Germany - following the English rescue culture - and thereby strengthened the competitiveness of Germany as a location for restructurings. The comparative analysis discusses the economic, cultural and legal frameworks to implement debt-equity-swaps under German and English law. It specifically addresses the implementation of a (solvent) scheme of arrangement for financial restructuring, which has been a very popular instrument in recent years for German companies, however, it also raises questions about the recognition of the scheme's effect in Germany. Finally, there is discussion of the extent to which the new insolvency norms are suitable to solve conflicts in corporate law.
Author: Walter Berger
Publisher: Springer Science & Business Media
ISBN: 3322893308
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
The international debt problem has already generated a huge number of publications. Why then another publication? Many publications address macroeconomic implications of the debt problem, others investigate special new financing instruments such as debt equity swaps, others discuss the economic or legal aspects of debt reschedulings. This work of Walter Berger concentrates on the evolution of the financial side of the debt problem. This evolution is fascinating since it reveals a continuous expansion of the financial instruments being used and a surprising change in intercreditor relationships. While in the seventies equal treatment of creditors was not of much concern, this changed dramatically in the eighties. But lately equal treatment turned out to be a strong impediment to the creditors' management of loan portfolios. Hence, inequality of treatment is growing again. This development represents a challenge to everyone who tries to explain legal changes by using economic theory. Another characteristic of Walter Berger's work is that he starts from a broad institutional perspective. Most economists analyze the debt problem by assuming a world where everybody follows the same principles of rationality and optimization. Walter Berger questions this approach by arguing that cultural discrepancies among creditor countries and indebted countries make it difficult to define efficiency by "Western" standards only. Moreover, different cultures create what Berger calls "institutional obfuscation", that is, creditors have substantial difficulties to predict the behavior of differently minded debtors, and vice versa. This lack of information creates a transaction risk for each contracting party.
Author: Ross Buckley
Publisher: Kluwer Law International B.V.
ISBN: 9041197168
Category : Law
Languages : en
Pages : 350
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Book Description
The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries andndash; a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has formed the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.
Author: Steven M. Rubin
Publisher:
ISBN:
Category : Barter
Languages : en
Pages : 238
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Book Description
