Analyzing structural change in the secondary market for developing-country debt: a translog approach

Detalhes bibliográficos
Autor(a) principal: Webster, Thomas J.
Data de Publicação: 1998
Outros Autores: Szenberg, Michael
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Economia Aplicada
DOI: 10.11606/1413-8050/ea217748
Texto Completo: https://www.revistas.usp.br/ecoa/article/view/217748
Resumo: This paper examines changes in the relative price relationships between Latin American external debt instruments with the use of a translogarithmic utility function. An examination of price and external debt data for five heavily indebted Latin American countries over the period January 1986 to December 1993 suggests that the Brady Plan probably affected the portfolio diversification decisions ofinvestors in developing-country externaldebt instruments by accelerating the return of Argentina, Brazil, Mexico and Venezuela to international credit worthiness. This study found that as a result of improved credit ratings and the resulting structural change in the secondary market for developing country debt, the external-debt instruments offour offive Latin American debtor countries examined in this study tended to become more substitutable with each other when held in a weakly separable portfolio.
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spelling Analyzing structural change in the secondary market for developing-country debt: a translog approachdebtdeveloping-countrytranslogsecondary-marketThis paper examines changes in the relative price relationships between Latin American external debt instruments with the use of a translogarithmic utility function. An examination of price and external debt data for five heavily indebted Latin American countries over the period January 1986 to December 1993 suggests that the Brady Plan probably affected the portfolio diversification decisions ofinvestors in developing-country externaldebt instruments by accelerating the return of Argentina, Brazil, Mexico and Venezuela to international credit worthiness. This study found that as a result of improved credit ratings and the resulting structural change in the secondary market for developing country debt, the external-debt instruments offour offive Latin American debtor countries examined in this study tended to become more substitutable with each other when held in a weakly separable portfolio.Universidade de São Paulo, FEA-RP/USP1998-02-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21774810.11606/1413-8050/ea217748Economia Aplicada; Vol. 2 Núm. 1 (1998); 65-81Economia Aplicada; Vol. 2 No. 1 (1998); 65-81Economia Aplicada; v. 2 n. 1 (1998); 65-811980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPenghttps://www.revistas.usp.br/ecoa/article/view/217748/199099Copyright (c) 1998 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessWebster, Thomas J. Szenberg, Michael 2023-10-26T13:13:56Zoai:revistas.usp.br:article/217748Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-10-26T13:13:56Economia Aplicada - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Analyzing structural change in the secondary market for developing-country debt: a translog approach
title Analyzing structural change in the secondary market for developing-country debt: a translog approach
spellingShingle Analyzing structural change in the secondary market for developing-country debt: a translog approach
Analyzing structural change in the secondary market for developing-country debt: a translog approach
Webster, Thomas J.
debt
developing-country
translog
secondary-market
Webster, Thomas J.
debt
developing-country
translog
secondary-market
title_short Analyzing structural change in the secondary market for developing-country debt: a translog approach
title_full Analyzing structural change in the secondary market for developing-country debt: a translog approach
title_fullStr Analyzing structural change in the secondary market for developing-country debt: a translog approach
Analyzing structural change in the secondary market for developing-country debt: a translog approach
title_full_unstemmed Analyzing structural change in the secondary market for developing-country debt: a translog approach
Analyzing structural change in the secondary market for developing-country debt: a translog approach
title_sort Analyzing structural change in the secondary market for developing-country debt: a translog approach
author Webster, Thomas J.
author_facet Webster, Thomas J.
Webster, Thomas J.
Szenberg, Michael
Szenberg, Michael
author_role author
author2 Szenberg, Michael
author2_role author
dc.contributor.author.fl_str_mv Webster, Thomas J.
Szenberg, Michael
dc.subject.por.fl_str_mv debt
developing-country
translog
secondary-market
topic debt
developing-country
translog
secondary-market
description This paper examines changes in the relative price relationships between Latin American external debt instruments with the use of a translogarithmic utility function. An examination of price and external debt data for five heavily indebted Latin American countries over the period January 1986 to December 1993 suggests that the Brady Plan probably affected the portfolio diversification decisions ofinvestors in developing-country externaldebt instruments by accelerating the return of Argentina, Brazil, Mexico and Venezuela to international credit worthiness. This study found that as a result of improved credit ratings and the resulting structural change in the secondary market for developing country debt, the external-debt instruments offour offive Latin American debtor countries examined in this study tended to become more substitutable with each other when held in a weakly separable portfolio.
publishDate 1998
dc.date.none.fl_str_mv 1998-02-12
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/217748
10.11606/1413-8050/ea217748
url https://www.revistas.usp.br/ecoa/article/view/217748
identifier_str_mv 10.11606/1413-8050/ea217748
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/217748/199099
dc.rights.driver.fl_str_mv Copyright (c) 1998 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 1998 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
dc.source.none.fl_str_mv Economia Aplicada; Vol. 2 Núm. 1 (1998); 65-81
Economia Aplicada; Vol. 2 No. 1 (1998); 65-81
Economia Aplicada; v. 2 n. 1 (1998); 65-81
1980-5330
1413-8050
reponame:Economia Aplicada
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Economia Aplicada
collection Economia Aplicada
repository.name.fl_str_mv Economia Aplicada - Universidade de São Paulo (USP)
repository.mail.fl_str_mv ||revecap@usp.br
_version_ 1822181697000570880
dc.identifier.doi.none.fl_str_mv 10.11606/1413-8050/ea217748

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