A Dynamic Model of Buy-Backs

International Monetary Fund

No 1989/056, IMF Working Papers from International Monetary Fund

Abstract: A dynamic framework is utilized to evaluate buy-backs of a country’s external debt. The model solves for the price of debt on the basis of expectations concerning the debtor’s ability to pay, and upon a variety of assumptions concerning changes in property rights consistent with various debt reduction programs. The importance of these assumptions is illustrated in simulations that relate debt reduction to a conventional balance of payments projection.

Keywords: WP; interest payment; bond (search for similar items in EconPapers)
Pages: 24
Date: 1989-01-01
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