This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

On the Pricing of LDC Debt: An Analysis Based on Historical Evidence from Latin America

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Béatriz Armendariz de Aghion

Additional information is available for the following registered author(s):

Abstract

This paper displays and discusses historical data on sovereign debt prices for two Latin American countries and provides a signalling framework to account for the following phenomena: (a) prices for old (defaulted) and newly-issued debts were the same, but such prices diverge and rise sharply once the countries stopped issuing new foreign debt, and, (b) the price of defaulted and newly issued debts both tend to rise as the latter approaches maturity and the country starts redeeming all its outstanding obligations. The analysis sheds some light on the valuation of different debt instruments in today's secondary market for LDC debt ...


Ce texte expose et étudie les données historiques de deux pays d'Amérique latine sur le marché secondaire et propose un modèle de signalling pour rendre compte des phénomènes suivants : (a) les prix des dettes anciennes non honorées et des dettes récentes sont identiques mais de tels prix divergent et augmentent sensiblement dès que les pays cessent de contracter de nouvelles dettes et, (b) le prix des dettes anciennes non honorées et celui des dettes récentes a tendance à s'élever à mesure que ces dernières arrivent à échéance et que le pays commence à se libérer de ses engagements. L'analyse apporte des éclaircissements sur l'évaluation des différents instruments actuels de la dette sur le marché secondaire des pays en développement les moins avancés ...

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://dx.doi.org/10.1787/745662235424
File Format: text/html
File Function:
Download Restriction: no

Publisher Info
Paper provided by OECD, Development Centre in its series OECD Development Centre Working Papers with number 52.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: Feb 1992
Date of revision:
Handle: RePEc:oec:devaaa:52-en

Contact details of provider:
Postal: 2 rue Andre Pascal, 75775 Paris Cedex 16
Email:
Web page: http://www.oecd.org/Dev
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: ().

Related research
Keywords:

Statistics
Access and download statistics

Did you know? The RePEc project started in 1997. Its precursor, NetEc, dates back to 1993.

This page was last updated on 2009-11-16.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.