Incluye bibliografía

Introduction -- Pt. 1. Debt-for-equity swaps: Latin America and the Caribbean region -- Africa region -- Europe, Middle East and North Africa -- Asia region -- Pt. 2. Debt-for-development swaps: Overview -- Latin America and the Caribbean region -- Africa region -- Europe, Middle East and North Africa -- Annexes -- Tables and figures

Toward the end of the 80s, after a rapid expansion in debt swaps in 1987 and 1988, some countries began suspending debt conversion programs in the face of concerns about the domestic liquidity implications of such operations, the lack of additionality of associated investments, and pricing. The recent revival in debt swaps, however, has an added attraction: they facilitate the privatization movements in highly-indebted countries. The objective of this paper is to amalgamate the existing literature on debt conversion in a concise and unique manner. The recurrent theme of the paper is the link between debt conversion, foreign investment and privatization. Part I of this paper describes recent activities in debt-for-equity swaps. Part II looks at the increased interest in other forms of conversion activities, such as debt-for-development swaps, namely debt-for-nature, debt-for-education and debt-for-health care swaps.