TY - JOUR
T1 - LDC participation in international financial markets. Debt and reserves
AU - Eaton, Jonathan
AU - Gersovitz, Mark
PY - 1980
Y1 - 1980
N2 - This paper analyzes LDC borrowing and reserve-holding behavior as part of a general equilibrium portfolio problem. Estimates of LDC debt and reserve demand and credit supply suggest that debt, along with reserves, serves a transactions role. Another finding is that most LDC borrowers are credit constrained. An analysis of LDC export behavior suggests that defaults are likely to be independent, uncorrelated phenomena.
AB - This paper analyzes LDC borrowing and reserve-holding behavior as part of a general equilibrium portfolio problem. Estimates of LDC debt and reserve demand and credit supply suggest that debt, along with reserves, serves a transactions role. Another finding is that most LDC borrowers are credit constrained. An analysis of LDC export behavior suggests that defaults are likely to be independent, uncorrelated phenomena.
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U2 - 10.1016/0304-3878(80)90025-5
DO - 10.1016/0304-3878(80)90025-5
M3 - Article
AN - SCOPUS:0001874818
SN - 0304-3878
VL - 7
SP - 3
EP - 21
JO - Journal of Development Economics
JF - Journal of Development Economics
IS - 1
ER -