Debt-equity swaps and foreign direct investment in Latin America / Joel Bergsman, Wayne Edisis
Tipo de material: TextoSeries Discussion paper ; no. 2Detalles de publicación: World Bank; Washington, D.C.; 1989Descripción: vi, 24 p. : ilISBN:- 0-8213-1145-X
- 332.673098
Tipo de ítem | Biblioteca actual | Signatura topográfica | URL | Estado | Fecha de vencimiento | Código de barras | |
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Documento | Biblioteca Manuel Belgrano | F 332.673098 B 20539 F (Navegar estantería(Abre debajo)) | Enlace al recurso | Disponible | 20539 F |
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Summary and conclusions -- 1. Introduction -- 2. Results -- 3. A final word -- Text tables -- Annexes.
This paper discusses how debt-equity swaps affect flows of foreign direct investment (FDI). It is based on research that concentrates on four major Latin American debtors, Argentina, Brazil, Chile and Mexico. The paper examines how investment decisions of multinational corporations and commercial banks have been influenced both by the opportunity to use swaps, and by the different features of swap programs. The primary question is to what extent the availability of swaps has motivated investors to undertake projects that they otherwise would not have attempted. The paper also analyzes the many different ways that investors have used swaps (e.g., buy-outs, financial restructuring, technological improvements, or new capacity creation; export markets or domestic sales; privatization). From the analysis of the effects of swap programs on investors ' behaviour, the paper also draws some lessons about the usefulness of swap programs and about their designs.
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