LDC participation in international financial markets. Debt and reserves

Jonathan Eaton; Mark Gersovitz

doi:10.1016/0304-3878(80)90025-5

LDC participation in international financial markets. Debt and reserves

Jonathan Eaton
, Mark Gersovitz

Economics

Research output: Contribution to journal › Article › peer-review

59 Scopus citations

Abstract

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.

Original language	English (US)
Pages (from-to)	3-21
Number of pages	19
Journal	Journal of Development Economics
Volume	7
Issue number	1
DOIs	https://doi.org/10.1016/0304-3878(80)90025-5
State	Published - 1980

All Science Journal Classification (ASJC) codes

Development
Economics and Econometrics

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10.1016/0304-3878(80)90025-5

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title = "LDC participation in international financial markets. Debt and reserves",

abstract = "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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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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LDC participation in international financial markets. Debt and reserves

Abstract

All Science Journal Classification (ASJC) codes

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