Recent Multilateral Debt Restructurings with Offcial and Bank Creditors

Abstract

also contributed. Research assistance was provided by Can T. Demir and David Hicks. In addition, the study drew on materials that had been prepared earlier by other staff of the Exchange and Trade Relations Department, especially Hiroyuki Hino, and by staff in other departments.The present study was completed in October 1983 and reflects developments up to that time. The paper has benefited from comments by staff in other departments of the Fund and by members of the Executive Board. However, opinions expressed are those of the authors and do not necessarily represent the views of other staff members or of Executive Directors.

A Constant Recontracting Model of Sovereign Debt

“…18 In an earlier version ofthis paper (Bulow and Rogoff 1986), we extend the results here to the case of several conflicting lenders. For a discussion of some of the practical issues involved, see Lipson (1981) and Brau and Williams (1983).…”

The Economics Of International Debt Renegotiation

“…7. See Brau and Williams (1983], from which all facts and figures cited immediately below are taken.…”

“…negotiating separately with each creditor, as well as allowing the restructuring process to be conducted in a timely manner (Brau and Williams [1983]).…”

“…Debt renegotiations are also conducted through other multilateral forums such as the OECD and special creditor groups. Regardless of the auspices, however, the framework for the negotiations is essentially the same (Brau and Williams [1983], p. 15).…”

The Debt Crisis and Africa's Maldevelopment

“…Such attitudes are not only factually false but could obstruct the search for real and durablesolutions to the problem. Even though the debt crisis has attracted much attention in recent years, most of the analysis of the crisis has focused on the methods used to finance the rapid rate of increase in external debt (Nowzad and Williams 1981;Brau and Williams 1983). There have been few studies that have attempted to explore the motives for debt accumulation exclusive of the obvious need to finance current account deficits resulting from oil price shocks.…”