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Do the secondary markets believe in life after debt?

Author

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  • Hajivassiliou,Vassilis A.

Abstract

Using panel data econometric techniques to examine the case for external debt relief, this report explores the relations between measures of creditworthiness and debt discounts on the secondary markets. It finds, however, that secondary market values tend to reflect past difficulties, not anticipate future ones - so they can't be used to build a case for debt relief. The secondary markets, still in an early evolutionary stage, are quite"thin"and thus unable to exploit efficiently and quickly all available information on creditworthiness.

Suggested Citation

  • Hajivassiliou,Vassilis A., 1989. "Do the secondary markets believe in life after debt?," Policy Research Working Paper Series 252, The World Bank.
    • Handle: RePEc:wbk:wbrwps:252
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    Keywords

    Strategic Debt Management; Financial Intermediation; Environmental Economics&Policies; Economic Theory&Research; Banks&Banking Reform;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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