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Working Paper
Can debtor countries service their debts? Income and price elasticities for exports of developing countries
McNeilly, Caryl; Marquez, Jaime R. (1986)
Interest in income and price elasticities for international trade has increased recently because of the debt crisis that many developing countries are experiencing. Estimates of income elasticities of import demand, however, range from a low of 1.3 to a high of 4.7. Such differences have important implications for debtor and creditor countries alike. Using quarterly data for the period 1973-1981, this paper estimates income and price elasticities for non-oil imports of five major industrial countries from non-OPEC developing countries. The empirical results suggest that the income elasticity ...
International Finance Discussion Papers , Paper 277

Report
A self-fulfilling model of Mexico's 1994-95 debt crisis
Cole, Harold L.; Kehoe, Timothy J. (1996)
This paper explores the extent to which the Mexican government's inability to roll over its debt during December 1994 and January 1995 can be modeled as a self-fulfilling debt crisis. In the model there is a crucial interval of debt for which the government, although it finds it optimal to repay old debt if it can sell new debt, finds it optimal to default if it cannot sell new debt. If government debt is in this interval, which we call the crisis zone, then we can construct equilibria in which a crisis can occur stochastically, depending on the realization of a sunspot variable. The size of ...
Staff Report , Paper 210

Journal Article
Should we worry about the large U.S. current account deficit?
Bergin, Paul R. (2000)
Is the large current account deficit a problem for the U.S.? Economic theory offers some scenarios in which a current account deficit is a rational response to economic conditions or a response that may even enhance economic welfare. At the same time, recent research suggests that under certain circumstances, a large current account deficit may make the U.S. economy vulnerable to severe disruptions. This Economic Letter explores some recent theories and some data to understand how the current account deficit could be either an optimal outcome or a threatening one.
FRBSF Economic Letter

Journal Article
Statement to Congress, April 7, 1987 (exchange market developments and international debt)
Volcker, Paul A. (1987-06)
Federal Reserve Bulletin , Issue Jun , Pages 425-430

Journal Article
The Baker Plan: a new initiative
Cheng, Hang-Sheng (1985)
FRBSF Economic Letter

Working Paper
Sovereign debt, volatility, and insurance
Kletzer, Kenneth M. (2005)
External debt increases the vulnerability of indebted emerging market economies to macroeconomic volatility and financial crises. Capital account reversals often lead sovereign debt repayment crises that are only resolved after prolonged and difficult debt restructuring. Foreign indebtedness exacerbates domestic financial distress in crisis, increasing both the incidence and severity of emerging market crises. These outcomes contrast with the presumption that access to international capital markets should help countries to smooth domestic consumption and investment against macroeconomic ...
Working Paper Series , Paper 2006-05

Report
Currency composition of developing country debt: the impact of dollar depreciation
Sweet, Lawrence M. (1987)
Research Paper , Paper 8702

Report
Loan swaps and the LDC debt problem
Remolona, Eli M.; Roberts, David L. (1986)
Research Paper , Paper 8615

Journal Article
Mounting debts
Sargen, Nicholas (1976)
FRBSF Economic Letter

Journal Article
LDC lending after the crisis
Zimmerman, Gary C.; Bennett, Barbara (1988)
FRBSF Economic Letter

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