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| 001 | w10217 | ||
| 003 | NBER | ||
| 005 | 20211020112844.0 | ||
| 006 | m o d | ||
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| 008 | 210910s2004 mau fo 000 0 eng d | ||
| 100 | 1 |
_aArslanalp, Serkan. _95254 |
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| 245 | 1 | 0 |
_aIs Debt Relief Efficient? / _cSerkan Arslanalp, Peter Blair Henry. |
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_aCambridge, Mass. _bNational Bureau of Economic Research _c2004. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w10217 |
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| 500 | _aJanuary 2004. | ||
| 520 | 3 | _aWhen Less Developed Countries (LDCs) announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60 percent in real dollar terms a $42 billion increase in shareholder value. In contrast, there is no significant stock market increase for a control group of LDCs that do not sign Brady agreements. The results persist after controlling for IMF programs, trade liberalizations, capital account liberalizations, and privatization programs. The stock market appreciations successfully forecast higher future net resource transfers, investment and growth. Creditors also benefit from the Brady Plan. Controlling for other factors, stock prices of US commercial banks with significant LDC loan exposure rise by 35 percent a $13 billion increase in shareholder value. The results suggest that debt relief can generate large efficiency gains when the borrower suffers from debt overhang. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aF3 - International Finance _2Journal of Economic Literature class. |
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| 690 | 7 |
_aF4 - Macroeconomic Aspects of International Trade and Finance _2Journal of Economic Literature class. |
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| 700 | 1 |
_aHenry, Peter Blair. _912675 |
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| 710 | 2 | _aNational Bureau of Economic Research. | |
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_aWorking Paper Series (National Bureau of Economic Research) _vno. w10217. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w10217 |
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_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w10217 |
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_2ddc _cW-PAPER |
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_c337954 _d296516 |
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