UCL logo

UCL Discovery

UCL home » Library Services » Electronic resources » UCL Discovery

On the pricing of LDC debt: an analysis based on historical evidence from Latin America

Armendariz, B.; (1992) On the pricing of LDC debt: an analysis based on historical evidence from Latin America. (OECD Development Centre Working Papers 52). Organisation for Economic Co-operation and Development (OECD): Paris, France.

Full text not available from this repository.

Abstract

This paper displays and discusses historical data on sovereign debt prices for two Latin American countries and provides a signalling framework to account for the following phenomena: (a) prices for old (defaulted) and newly-issued debts were the same, but such prices diverge and rise sharply once the countries stopped issuing new foreign debt, and, (b) the price of defaulted and newly issued debts both tend to rise as the latter approaches maturity and the country starts redeeming all its outstanding obligations. The analysis sheds some light on the valuation of different debt instruments in today's secondary market for LDC debt.

Type:Working / discussion paper
Title:On the pricing of LDC debt: an analysis based on historical evidence from Latin America
Publisher version:http://dx.doi.org/10.1787/745662235424
Language:English
UCL classification:UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics

Archive Staff Only: edit this record