TY  - BOOK
AU  - Sachs,Jeffrey
AU  - Cohen,Daniel
ED  - National Bureau of Economic Research.
TI  - LDC Borrowing with Default Risk
T2  - NBER working paper series
PY  - 1982///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - July 1982; Hardcopy version available to institutional subscribers
N2  - This paper presents a theoretical model to describe the effects of default risk on international lending to LDC sovereign borrowers. The threat of defaults in international lending is shown to give rise to many characteristics of the syndicated loan market: (1) quantity rationing of loans; (2) LDC policies designed to enhance creditworthiness; (3) prevalence of short maturities on international loans; and (4) a prevalence of bank lending relative to bond-market lending
UR  - https://www.nber.org/papers/w0925
UR  - http://dx.doi.org/10.3386/w0925
ER  -