Debt Concentration and Bargaining Power: Large banks, Small Banks, and Secondary Market Prices

International Economic Review

Volumn 40, Issue 2, 1999, Pages 333-355

  Fernández, Raquel ^a   Özler, Şule ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0345877017     PISSN: 00206598     EISSN: None     Source Type: Journal    
DOI: 10.1111/1468-2354.00018     Document Type: Article

References (36)

1. AMEMIYA, T., Advanced Econometrics (Cambridge, Mass.: Harvard, 1985).
2. BERG, A. AND J. SACHS, "The Debt Crisis: Structural Explanations of Country Performance," Journal of Development Economics 29 (1989), 271-306.
3. BULOW, J. AND K. ROGOFF, "Sovereign Debt: Is to Forgive to Forget," American Economic Review 79 (1989a), 43-50.
4. _ AND _, "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy 97 (1989b), 155-178.
5. CLASSENS, S., I. DIWAN, K. FROOT, AND P. KRUOMAN, "Market-Based Debt Reduction for Developing Countries: Principles and Prospects," mimeo, World Bank, 1990.
6. CLINE, W., International Debt: Systemic Risk and Policy Response (Cambridge, Mass.: MIT Press for the Institute for International Economics, 1984).
7. COHEN, D., "Is the Discount on the Secondary Market a Case for LDC Debt Relief?," PPR Working Paper No. 132, World Bank, 1988.
8. COLE, H. AND P. KEHOE, "Reputation Spillover Across Relationships with Enduring and Transient Benefits: Reviving Reputation Models of Debt," International Economic Review (1997).
9. _ AND _, "Models of Sovereign Debt: Partial vs. General Reputations," International Economic Review 39 (1998), 55-70.
10. DEMIRGUC-KUNT, A. AND I. DIWAN, "The Menu Approach to Developing Country External Debt: An Analysis of Commercial Banks' Choice Behavior," mimeo, World Bank, 1990.
11. DOOLEY, M. AND M. STONE, "Endogenous Creditor Seniority and External Debt Values," IMF Staff Papers 40 (June 1993), 395-413.
12. EATON, J. AND M. GERSOVITZ, "Debt with Potential Repudiation: Theory and Estimation," Review of Economic Studies 48 (1981), 289-309.
13. _ AND R. FERNANDEZ, "Sovereign Debt," in G. Grossman and K. Rogoff, eds., Handbook of International Economics, vol. 3 (Amsterdam: Elsevier Science, 1995), 2031-2077.
14. _ AND L. TAYLOR, "Developing Country Finance and Debt," Journal of Development Economics 22 (1986), 209-265.
15. FERNÁNDEZ, R. AND J. GLAZER, "Striking for a Bargain Between Two Completely Informed Agents," American Economic Review 81 (1991), 240-252.
16. _ AND _, "The Scope for Collusive Behavior Among Debtor Countries," Journal of Development Economics 32 (1990), 297-313.
17. _ AND D. KAARET, "Bank Heterogeneity, Reputation and Debt Renegotiation," International Economic Review 33 (1992), 60-78.
18. _ AND S. OZLER, "Debt Concentration and Secondary Market Prices: A Theoretical and Empirical Analysis," NBER Working Paper No. 3654, 1991.
19. _ AND R. ROSENTHAL, "Strategic Models of Sovereign Debt Renegotiations," Review of Economic Studies 57 (1990), 331-349.
20. GROSSMAN, S. AND O. HART, "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics 11 (1980), 42-64.
21. HAJIVASSILIOU, V., "Do Secondary Markets Believe in Life After Debt?" in H. Ishrat and I. Diwan, eds., Dealing with the Debt Crisis (Washington, D.C.: World Bank, 1989), 276-292.
22. HAY, J. AND M. BOUCHET, "The Tax, Accounting, and Regulatory Treatment of Sovereign Debt," Debt Management and Financial Advisory Services Department Staff Working Paper, World Bank, 1989.
23. HUIZINGA, H., "The Commercial Bank Claims on Developing Countries: How Have Banks Been Affected?" in H. Ishrat and I. Diwan, eds., Dealing with the Debt Crisis (Washington, D.C.: World Bank, 1989), 129-143.
24. KRUGMAN, P., "International Debt Strategies in an Uncertain World," in G. Smith and J. Cuddington, eds., International Debt and the Developing Countries (Washington, D.C.: World Bank, 1985), 79-100.
25. LIPSON, C. "Bankers' Dilemmas: Private Cooperation in Rescheduling Sovereign Debts," World Politics 38 (1985), 200-225.
26. OZLER, S., "On the Relation Between Reschedulings and Bank Value," American Economic Review 79 (1989), 1117-1131.
27. _, "Evolution of Credit Terms: An Empirical Study of Commercial Bank Lending to Developing Countries," Journal of Development Economics 38 (1992), 79-98.
28. _, "Have Commercial Banks Ignored History?" American Economic Review 83 (1993), 608-620.
29. _ AND H. HUIZINGA, "Secondary Market Prices for Developing Country Debt: The Role of Creditor Country Factors," NBER Working Paper No. 3961, January 1992.
30. _ AND G. TABELLINI, "External Debt and Political Instability," NBER Working Paper No. 3772, July 1991. Revised July 1997.
31. PURCELL, J. AND D. ORLANSKJ, "Developing Country Loans: A New Valuation Model for Secondary Market Trading," Corporate Bond Research, Salomon Brothers, Inc., June 1988.
32. RUBINSTEIN, A., "Perfect Equilibrium in a Bargaining Model," Econometrica 50 (1982), 97-110.
33. _, "Comments on the Interpretation of Game Theory," Econometrica 59 (1991), 909-924.
34. SACHS, J., "Theoretical Issues in International Borrowing," Princeton Studies in International Finance No. 54, July 1984.
35. _ AND H. HUIZINGA, "U.S. Commercial Banks and the Developing-Country Debt Crisis," Brookings Papers on Economic Activity 2 (1987), 555-606.
36. STONE, M., "Sovereign Debt Secondary Market Returns," Journal of International Money and Finance 10 (1991), S100-S122.