Are the heavily indebted countries solvent?: Tests of intertemporal borrowing constraints
Are the heavily indebted countries solvent?: Tests of intertemporal borrowing constraints
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重债国家有偿付能力吗？：跨期借贷约束的检验
DOI：
10.1016/0304-3878(94)90036-1
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发表时间：
1994
期刊：
影响因子：
--
通讯作者：
Y. Sawada
中科院分区：
文献类型：
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作者：
Y. Sawada
本文考察了重债国在考虑外债偿还的情况下是否具有偿债能力。直接测试的偿付能力条件来自通常的跨期预算约束揭示了他们目前的政策的可持续性。调查结果有两个方面。首先，高收入国家似乎存在债务积压问题。二是除菲律宾外的东亚和东南亚国家，偿付能力条件均满足。这些结果为债务削减计划提供了依据。布雷迪计划）和债务悬置假说的实证支持。
This paper investigates whether the Heavily Indebted Countries (HICs), in consideration of their external debt repayments, remain solvent. Direct tests of the solvency condition derived from the usual intertemporal budget constraints shed light on the sustainability of their current policies. The findings are twofold. First, the HICs seem to have a debt overhang problem. Second, in East and Southeast Asian countries except Philippines, the solvency conditions are satisfied. These results give a rationale for the debt reduction plan (a.k.a. the Brady Plan) and the empirical support of the debt overhang hypothesis.