SECONDARY MARKET PRICES AND MEXICO BRADY DEAL
成果类型：
Article
署名作者：
CLAESSENS, S; VANWIJNBERGEN, S
署名单位：
University of London; London School Economics & Political Science; University of Amsterdam
刊物名称：
QUARTERLY JOURNAL OF ECONOMICS
ISSN/ISSBN：
0033-5533
DOI：
10.2307/2118456
发表日期：
1993
页码：
965-982
关键词：
摘要：
The use of official funds in debt reduction packages has been widely argued to amount to a creditor bailout. We analyze this question using a case study of Mexico's 1989 Brady deal. Using an option-based pricing model, we obtain pre- and postmarket, values for Mexico's commercial debt and find that the market value inclusive or official funds went up only marginally. Consequently, Mexico obtained a large share of the benefits of the official funds and struck a favorable deal. The Brady debt reduction formula this seems to offer an efficient framework for debt workouts, Recent events in Mexico confirm that view.
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