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Query: faculty: "FEB" and publication year: "1992"

AuthorS.J.G. van Wijnbergen
TitleCash/debt buy-backs and the insurance value of reservers
JournalJournal of International Economics
Volume36
Year1992
Issue2/3 (apr)
Pages426--
ISSN00142921
FacultyFaculty of Economics and Business
Institute/dept.FEB: Amsterdam School of Economics Research Institute (ASE-RI)
KeywordsStocks; Capital Market; Trade
AbstractAbsence of terms-of-trade contingent instruments in international capital markets, combined with differences in risk aversion between commercial creditors and LDC borrowers, has important consequences for the welfare effects of cash/debt buy-backs. In such circumstances, secondary market prices fail to reflect the insurance value reserves have to debtors, but not to creditors. Therefore, the country buying back debt with reserves ends up unambiguously worse off even if it succeeds in capturing the full secondary market discount prevailing before the buy-back.
Document typeArticle
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