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Debt reduction and market reentry under the Brady plan

Author

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  • John Clark

Abstract

In March 1989, U.S. Treasury Secretary Brady proposed a new approach to resolving the developing country debt problem and restoring the creditworthiness of restructuring countries. The Brady Plan encouraged market-based reductions in debt and debt service for countries implementing economic reforms. This article analyzes the structure of the financial packages that followed this change in approach and considers their impact on countries and their creditors.

Suggested Citation

  • John Clark, 1993. "Debt reduction and market reentry under the Brady plan," Quarterly Review, Federal Reserve Bank of New York, vol. 18(Win), pages 38-62.
    • Handle: RePEc:fip:fednqr:y:1993:i:win:p:38-62:n:v.18no.4
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    Cited by:

    1. Kursat Onder, Yasin, 2016. "Asset backed contracts and sovereign risk," Journal of Economic Behavior & Organization, Elsevier, vol. 132(C), pages 237-252.
    2. Sperduto Luke, 2019. "Can Human Development Bonds Reduce the Agency Costs of the Resource Curse?," The Law and Development Review, De Gruyter, vol. 12(1), pages 191-245, January.
    3. Miles, William, 1999. "Securitization, liquidity, and the Brady plan," The North American Journal of Economics and Finance, Elsevier, vol. 10(2), pages 423-442.

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