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Debt Games

Author

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  • Aggarwal,Vinod K.

Abstract

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.

Suggested Citation

  • Aggarwal,Vinod K., 1996. "Debt Games," Cambridge Books, Cambridge University Press, number 9780521352024.
    • Handle: RePEc:cup:cbooks:9780521352024
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    Cited by:

    1. Rolf Maier, 2005. "External Debt and Pro-Poor Growth," Macroeconomics 0504031, University Library of Munich, Germany.
    2. Rui Pedro Esteves, 2007. "Quis custodiet quem? Sovereign Debt and Bondholders` Protection Before 1914," Economics Series Working Papers 323, University of Oxford, Department of Economics.
    3. Flandreau, Marc, 1998. "Caveat Emptor: Coping With Sovereign Risk Without the Multilaterals," CEPR Discussion Papers 2004, C.E.P.R. Discussion Papers.
    4. Jérôme Sgard, 2000. "La gestion des crises de liquidité internationale : logique de faillite, prêteur en dernier ressort et conditionnalité," Working Papers 2000-16, CEPII research center.
    5. Gul, Adnan, 2008. "Is external debt an effective way of bringing economic reforms?," MPRA Paper 10979, University Library of Munich, Germany.

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