The LDC debt problem: a game-theoretical analisys

Mario Henrique Simonsen and Sergio Werlang

No 144, FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) from EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil)

Abstract: We review the LDC debt crisis since 1982, by means of game theory. New insights are obtained into the reasons behind the formation of the creditors' carte1 and the nature of the difficu1ties invo1ved in the formation of the debtors' carte1. The standard view that Rubinstein's barganing mode1s are appropriate for dea1ing with debt re1ief is shown to be faulty, un1ess the debtor buys out the debt.

Date: 1989
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