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INTERNATIONAL DEBT
This two volume set includes the most influential writings on international debt. In addition to essential early material, the editors have assembled the key contributions written during the unfolding of the modern international debt drama from the early 1970s. An introductory chapter by the editors explains the context and order in which the writings are presented. In particular, the individual contributions are grouped under sequential headings which are intended to draw out key themes and relationships between the concerns of the original authors. This collection reflects clearly the interaction between the evolution of the international policy debate and the development of major analytical insights on the debt problem and its resolution.
More Information
Critical Acclaim
Contributors
Contents
More Information
This two volume set includes the most influential writings on international debt. In addition to essential early material, the editors have assembled the key contributions written during the unfolding of the modern international debt drama from the early 1970s. An introductory chapter by the editors explains the context and order in which the writings are presented. In particular, the individual contributions are grouped under sequential headings which are intended to draw out key themes and relationships between the concerns of the original authors. This collection reflects clearly the interaction between the evolution of the international policy debate and the development of major analytical insights on the debt problem and its resolution.
Critical Acclaim
‘Bird and Snowden have provided a useful service in pulling together a good selection of material which would otherwise be hard to find. These volumes will be particularly valuable to students and teachers of international economics.’
– Andrew Kilpatrick, The Economic Journal
– Andrew Kilpatrick, The Economic Journal
Contributors
Contributors: A. Berg, J. Bulow, W.R. Cline, R.N. Cooper, W.M. Corden, C.F. Diaz-Alejandro, E.D. Domar, M.P. Dooley, R. Dornbusch, J. Eaton, S. Edwards, B. Eichengreen, G. Feder, M. Gersovitz, J. Guttentag, R. Herring, H. Huizinga, D. Jaffee, R.E. Just, J.M. Keynes, K.M. Kletzer, P. Krugman, D.R. Lessard, R. Portes, K. Rogoff, T. Russel, J. Sachs, J.E. Stiglitz, A. Weiss, P. Wickman
Contents
PART I
MOTIVES FOR BORROWING AND DEBT SERVICE CAPACITY
1. J. Eaton and M. Gersovitz (1981), ‘Private Lending with Potential Default: An Analytical Framework’
2. Jeffrey Sachs (1984), ‘Theoretical Issues in International Borrowing’
3. Jonathan Eaton and Mark Gersovitz (19980), ‘LDC Participation in International Financial Markets: Debt and Reserves’
PART II
LENDING RISKS; DEFAULT PROBABILITIES, CREDIT RATIONING AND BANK BEHAVIOUR
4. Dwight M. Jaffee and Thomas Russell(1976), ‘Imperfect Information, Uncertainty, and Credit Rationing’
5. Joseph E. Stiglitz and Andrew Weiss (1981), ‘Credit Rationing in Markets with Imperfect Information’
6. Jonathan Eaton and Mark Gersovitz (1981), ‘Debt with Potential Repudiation: Theoretical and Empirical Analysis’
7. Kenneth M. Kletzer (1984), ‘Asymmetries of Information and LDC Borrowing with Sovereign Risk’
8. Gershon Feder and Richard E. Just (1977), ‘A Study of Debt Servicing Capacity Applying Logit Analysis’
9. Sebastian Edwards (1984), ‘LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-1980’
PART III
BORROWER AND LENDER MISCALCULATIONS IN THE 1970S AND 1980S
10. Andrew Berg and Jeffrey Sachs (1988), ‘The Debt Crisis: Structural Explanations of Country Performance’
11. Rudiger Dornbusch (1985), ‘External Debt, Budget Deficits, and Disequilibrium Exchange Rates’
12. Carlos F. Dinaz-Alejandro (1984), ‘Latin American Debt: I Don’t Think We Are in Kansas Anymore’
13. Richard N. Cooper and Jeffrey D. Sachs (1985), ‘Borrowing Myopia in International Banking’
VOLUME II
PART I
CRISIS: RE-EMERGENCE OF THE TRANSFER PROBLEM AND THE 1930S PARALLEL
1. J. M. Keynes (1929), ‘The German Transfer Problem’
2. Evsey D. Domar (1957), ‘The “Burden of the Debt” and the National Income’
3. Rudiger Dornbusch (1985), ‘Policy and Performance Links between LDC Debtors and Industrial Nations’
4. William R. Cline (1983), ‘International Debt and the Stability of the World Economy’
5. Barry Eichengreen and Richard Portes (1986), ‘Debt and Default in the 1930s: Causes and Consequences’
PART II
STRATEGIC BEHAVIOUR BY BORROWERS AND LENDERS
6. Paul Krugman (1985), ‘International Debt Strategies in an Uncertain World’
7. Jeremy Bulow and Kenneth Rogoff (1989), ‘A Constant Recontracting Model of Sovereign Debt’
8. Jeffrey Sachs and Harry Huizinga (1987), ‘U. S. Commercial Banks and the Developing-Country Debt Crisis’
PART III
DEBT RESCHEDULING, BUY-BACKS, RELIEF AND REDUCTION
9. W. Max Corden (1989), ‘Debt Relief and Adjustment Incentives’
10. Paul Krugman (1988), ‘Financing vs. Forgiving a Debt Overhang’
11. Paul R. Krugman (1989), ‘Market-Based Debt-Reduction Schemes’
12. Graham Bird (1987), ‘Debt Swapping in Developing Countries: A Preliminary Investigation’
13. Michael P. Dooley (1988), ‘Buy-Backs and Market Valuation of External Debt’
14. Michael P. Dooley (1988), ‘Self-Financed Buy-Backs and Asset Exchanges’
15. Jeremy Bulow and Kenneth Rogoff (1988), ‘The Buyback Boondoggle’
PART IV
SOLUTIONS: COMPREHENSIVE SCHEMES AND APPROPRIATE PRIVATE FINANCE
16. W. Max Corden (1988), ‘An International Debt Facility?’
17. Donald R. Lessard (1989), ‘Beyond the Debt Crisis: Alternative Forms of Financing Growth’
MOTIVES FOR BORROWING AND DEBT SERVICE CAPACITY
1. J. Eaton and M. Gersovitz (1981), ‘Private Lending with Potential Default: An Analytical Framework’
2. Jeffrey Sachs (1984), ‘Theoretical Issues in International Borrowing’
3. Jonathan Eaton and Mark Gersovitz (19980), ‘LDC Participation in International Financial Markets: Debt and Reserves’
PART II
LENDING RISKS; DEFAULT PROBABILITIES, CREDIT RATIONING AND BANK BEHAVIOUR
4. Dwight M. Jaffee and Thomas Russell(1976), ‘Imperfect Information, Uncertainty, and Credit Rationing’
5. Joseph E. Stiglitz and Andrew Weiss (1981), ‘Credit Rationing in Markets with Imperfect Information’
6. Jonathan Eaton and Mark Gersovitz (1981), ‘Debt with Potential Repudiation: Theoretical and Empirical Analysis’
7. Kenneth M. Kletzer (1984), ‘Asymmetries of Information and LDC Borrowing with Sovereign Risk’
8. Gershon Feder and Richard E. Just (1977), ‘A Study of Debt Servicing Capacity Applying Logit Analysis’
9. Sebastian Edwards (1984), ‘LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-1980’
PART III
BORROWER AND LENDER MISCALCULATIONS IN THE 1970S AND 1980S
10. Andrew Berg and Jeffrey Sachs (1988), ‘The Debt Crisis: Structural Explanations of Country Performance’
11. Rudiger Dornbusch (1985), ‘External Debt, Budget Deficits, and Disequilibrium Exchange Rates’
12. Carlos F. Dinaz-Alejandro (1984), ‘Latin American Debt: I Don’t Think We Are in Kansas Anymore’
13. Richard N. Cooper and Jeffrey D. Sachs (1985), ‘Borrowing Myopia in International Banking’
VOLUME II
PART I
CRISIS: RE-EMERGENCE OF THE TRANSFER PROBLEM AND THE 1930S PARALLEL
1. J. M. Keynes (1929), ‘The German Transfer Problem’
2. Evsey D. Domar (1957), ‘The “Burden of the Debt” and the National Income’
3. Rudiger Dornbusch (1985), ‘Policy and Performance Links between LDC Debtors and Industrial Nations’
4. William R. Cline (1983), ‘International Debt and the Stability of the World Economy’
5. Barry Eichengreen and Richard Portes (1986), ‘Debt and Default in the 1930s: Causes and Consequences’
PART II
STRATEGIC BEHAVIOUR BY BORROWERS AND LENDERS
6. Paul Krugman (1985), ‘International Debt Strategies in an Uncertain World’
7. Jeremy Bulow and Kenneth Rogoff (1989), ‘A Constant Recontracting Model of Sovereign Debt’
8. Jeffrey Sachs and Harry Huizinga (1987), ‘U. S. Commercial Banks and the Developing-Country Debt Crisis’
PART III
DEBT RESCHEDULING, BUY-BACKS, RELIEF AND REDUCTION
9. W. Max Corden (1989), ‘Debt Relief and Adjustment Incentives’
10. Paul Krugman (1988), ‘Financing vs. Forgiving a Debt Overhang’
11. Paul R. Krugman (1989), ‘Market-Based Debt-Reduction Schemes’
12. Graham Bird (1987), ‘Debt Swapping in Developing Countries: A Preliminary Investigation’
13. Michael P. Dooley (1988), ‘Buy-Backs and Market Valuation of External Debt’
14. Michael P. Dooley (1988), ‘Self-Financed Buy-Backs and Asset Exchanges’
15. Jeremy Bulow and Kenneth Rogoff (1988), ‘The Buyback Boondoggle’
PART IV
SOLUTIONS: COMPREHENSIVE SCHEMES AND APPROPRIATE PRIVATE FINANCE
16. W. Max Corden (1988), ‘An International Debt Facility?’
17. Donald R. Lessard (1989), ‘Beyond the Debt Crisis: Alternative Forms of Financing Growth’
