作者：CLAESSENS, S; VANWIJNBERGEN, S
作者单位：University of London; London School Economics & Political Science; University of Amsterdam
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 re...
