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Bankruptcy Around the World: Explanations of its Relative Use
The recent literature on law and finance has drawn attention to the importance of creditor rights in influencing the development of financial systems and in affecting firm corporate governance andExpand
Portfolio capital flows : hot or cold?
A distinction is often made between short-term and long-term capital flows: the former are deemed unstable hot money and the latter are deemed stable cold money. Using time-series analysis of balanceExpand
Equity and bond flows to Latin America and Asia: the role of global and country factors
Abstract This paper investigates the factors motivating the large capital flows to a number of developing countries in recent years. We use monthly US capital flows to nine Latin American and nineExpand
The debt laffer curve: Some estimates
Abstract The existence of a Debt Laffer Curve has been used as an argument that it is in the creditors' collective interest to forgive some of the external debt of a heavily indebted country. TheExpand
Estimating the Likelihood of Mexican Default from the Market Prices of Brady Bonds
Market prices of developing country debt reflect investors' views of country repayment capacity as well as other debt-specific factors. To extract a measure of repayment capacity from debt prices,Expand
Policy Selectivity Forgone: Debt and Donor Behavior in Africa
Authors assess the dynamics behind the high net resource transfers by donors and creditors to Sub-Saharan African countries. Analyzing the determinants of overall net transfers for a panel of 37Expand
The emergence of equity investment in developing countries : overview
Equity flows to developing countries have increased sharply in recent years. Foreign equity investment can be beneficial to developing countries because of its risk-sharing characteristics andExpand
State enterprise performance and soft budget constraints: The case of Bulgaria
This paper analyses the performance of state enterprises in Bulgaria during 1992-94. Consistent with the literature on other transitional economies, this paper finds that one key factor underlyingExpand
Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries
A group of heavily indebted low-income countries (HIPCs), most in Sub-Saharan Africa, has continued to experience external debt problems. Because the HIPCs'economic characteristics and externalExpand
Optimal dynamic hedging portfolios and the currency composition of external debt
Abstract We present a model which shows that the currency composition of a country's external debt can serve as a hedging instrument against changes in exchange rates and commodity prices. BecauseExpand