Theoretical and policy-oriented aspects of the external debt economics
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Bibliographic Information
Theoretical and policy-oriented aspects of the external debt economics
（Studies in contemporary economics）
Springer-Verlag, c1991
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Research Institute for Economics & Business Administration (RIEB) Library , Kobe University図書
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Library, Institute of Developing Economies, Japan External Trade Organization遡
: gw||332.4||C146||11121514
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Note
Bibliography: p. [143]-150
Description and Table of Contents
Description
The past approach to the international debt crisis has been traditionally based on conventional banking principle in which debt had to be paid back in fuH and in time. International lending was a function of the perceived credit standing of debtor country and the return on investment (ROI). If debtor country run into difficulties and had problems with service payments - it was generally assumed that the debt-related expenditures were mismanaged. With economic stability and firm financial rules - the debt crisis was supposed to disappear after application of appropriate adjustment measures. However in the world of inconsistent lending criteria greater uncertainty and increased volatility of expectations - the problem has continued to get worse. At the beginning of the 1990s a number of countries are more indebted than at any other time in the past. Until mid 1980s extern al debt economics has been rather a disembodied concept for most economists and business leaders. The main reason for this neglect of one of the most important macroeconomic categories was difficulty of distinguishing terminologically and methodologically the domestic determinants of national expenditures from the external ones. Then there were conceptual problems in distinguishing the functional determinants of macroeconomic liquidity from external and domestic determinants of macro-economic solvency. Moreover many studies of the debt crisis were one-sided. Usually debt was seen as a 'white-black' phenomenon with debtor countries accusing creditor countries for causing the crisis and vice versa.
Table of Contents
I: An Overview of the Theoretical Aspects of Foreign Debt.- 1. Measuring External Debt.- 1.1 External Debt Reporting Systems.- 1.2 Gross External Debt and Debt Externalities.- 1.3 External Debt and Equity Finance.- 2. Macroeconomics of External Debt.- 2.1 Macroeconomic Concepts of External Debt.- 2.2 Active and Passive Debt Accumulation.- 2.3 Domestic Inflation and External Debt.- 2.4 External Debt and Relative Prices.- 2.5 Debt Trap and Economic Growth.- 2.6 Gains and Losses from External Borrowing.- 3. Creditworthiness and Country Risk.- 3.1 Measuring Country Risk.- 3.2 Country Risk in Commercial Banking.- 3.3 Modelling Country Risk.- 3.4 Country Risk Assessment - A Recapitulation.- 4. Economics of Default.- 4.1 Introduction and Terminology.- 4.2 Costs and Benefits of Default.- 4.3 Default in External Debt Models.- 4.4 Default and the Response of Banks.- 4.5 Legal Ramifications of Default.- 4.6 Forecasting Demand and Supply for Defaulting Country.- 4.7 Default - A Recapitulation.- 5. Optimal and Non-Optimal Debt.- 5.1 Conceptual Framework.- 5.2 Selection of Structural Variables.- 5.3 Non-Optimising and Optimising Multi-Period Models.- 5.4 Optimising Developing Country's Debt and Problem of Overborrowing.- 5.5 Optimising Debt under Perfect Capital Market.- II: Policy Responses to the International Debt Crisis.- 6. Analytical Issues in the Current External Debt Strategy.- 6.1 Introduction.- 6.2 Traditional Approach to the Debt Crisis.- 6.3 Supply-Side Versus Demand-Side of the Debt Crisis.- 6.4 External Debt - Solvency or Liquidity Issue?.- 6.5 External Debt - Fiscal or Trade Issue?.- 6.6 External Debt Rescheduling in the Eighties.- 7. Debt Relief Techniques.- 7.1 Doing Nothing Approach.- 7.2 Ad-Hoc Approach.- 7.3 Debt Forgiveness Versus Debt Reduction.- 7.4 Techniques Affecting Principal and Interest.- 8. In Search for a New Debt Strategy - Plans for Reform of International Lending and Contingency Proposals.- 8.1 Proposals Affecting Principal Payments.- 8.2 Proposals Including Additional Guarantees.- 8.3 Proposals Affecting Interest Payments.- 8.4 Contradictory Motives for a New Debt Strategy.- 9. Managing the International Debt Crisis - Components of the New Debt Strategy.- 9.1 The Need for a New Lending and Debt Reduction.- 9.2 The Need for a Better Debt Management.- 9.3 The Need for a New Institutional Framework.- 9.4 The New Debt Strategy - A Recapitulation.
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