Developing Country Debt: Defaults and Credit Terms-- ROW Planning Grant

发展中国家债务：违约和信贷条款——ROW规划赠款

• 批准号: 8910253
• 负责人: Sule Ozler
• 金额: $ 1.2万
• 依托单位: University of California-Los Angeles
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1989
• 资助国家: 美国
• 起止时间: 1989-08-15 至 1991-01-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8910253&HistoricalAwards=false
• 关键词: Developing; Country; Debt; Defaults; Credit

This is a ROW Planning Grant to develop a more complete picture of the evolution of commercial bank lending to developing countries. More specifically, the project focuses on the effect of a country's nonpayment of debt on its subsequent credit terms in the new loans issued and its subsequent credit terms in debt reschedulings. The investigator constructs a model that focuses on borrowers' reputation to study interest rate dynamics after defaults. This is a significant contribution because existing models of borrower reputation assume that a defaulter is never able to borrow again in capital markets which is not true. In this project the investigator extends data bases employed in previous research to construct the data base necessary to investigate empirically the behavior of interest rates following defaults in the Eurocurrency credit markets. Creating a more comprehensive data base on the recent era of defaults is very valuable because past empirical work has been concentrated on earlier episodes of default by borrower nations. Preliminary work by the investigator on partial data demonstrates that the recent defaults have had a different impact on the credit of borrower nations than earlier episodes. Better data will permit a systematic investigation of the reasons why recent defaults have had different effects on the capital markets than in the past. This planning grant should be supported because it improves the theory and the data on the timely and important issue of developing country debt. The work completed under this project will lay the foundation for empirical studies by the investigator of the many unresolved questions in this area.

这是一个ROW规划赠款，以制定一个更完整的图片 商业银行贷款的演变， 国家 更具体地说，该项目侧重于效果 指一个国家在随后的信贷条件下不偿还债务 在新发放的贷款及其随后的信贷条款中， 债务重新安排。 研究人员构建了一个模型， 侧重于借款人的声誉，以研究利率动态 在违约之后。 这是一项重大贡献，因为 现有的借款人声誉模型假设违约者是 再也不能在资本市场上借到钱了，这是不对的。 在这个项目中，调查员扩展了在 以前的研究，以建立必要的数据库， 实证研究利率的行为， 欧洲货币信贷市场的违约。 形成更为 综合数据基础上，最近的违约时代是非常 因为过去的实证研究集中在 借款国早期的违约事件。 初步 研究者对部分数据的研究表明， 最近的违约对信贷产生了不同的影响， 借款国比以前的事件。 更好的数据将允许 对近期违约原因的系统调查 对资本市场的影响与 过去 这项规划补助金应该得到支持，因为它改善了 理论和数据的及时和重要的问题， 发展中国家债务。 本项目完成的工作 将为研究者的实证研究奠定基础 这一领域许多悬而未决的问题。