TY  - BOOK
AU  - zler, Sule
AU  - Huizinga, Harry
AU  - zler, Sule
AU  - Huizinga, Harry
ED  - Banco Mundial
TI  - How factors in creditor countries affect secondary market prices for developing country debt
T2  - Policy, research, and external affairs working papers
U1  - F 332.709172  20609 
PB  - World Bank
KW  - PRESTAMOS
KW  - MERCADO SECUNDARIO
KW  - MODELOS ECONOMETRICOS
KW  - DEUDA EXTERNA
KW  - ESTADOS UNIDOS
KW  - PAISES EN DESARROLLO
KW  - TERCER MUNDO
N1  - Incluye bibliografía; 1. Introduction -- 2. Does bank exposure affect secondary market prices? -- 3. How does deposit insurance affect secondary market prices? -- 4. Are the results a consequence of implicit insurance? -- 5. Concluding remarks -- References -- Endnotes -- Tables
N2  - Bank loans to many developing countries trade at a discount on the secondary market. These discounts are typically assumed to reflect only the repayment prospects of the borrower country. But the authors demonstrate that factors in the creditor countries have a major impact on secondary market prices. Their empirical investigation suggests a systematic relationship between secondary market prices and the size distribution of banks ' portfolios. There is a strong negative correlation between discounts in the secondary market and U.S. banks ' heavy exposure to developing country debt. It is estimated that every US
ER  -