A HAZARD RATE APPROACH TO THE TIMING OF LDC DEBT RESCHEDULING FROM 1970 TO 1990
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Utilizing the d1tration ofnon-rescheduling vears data, this paper re-examines the debt rescheduling experi-ences ofLDCsduring the I970 - 1990 time period. Jn addition, it inlestigates the significance ofthe outcome ofdebt rescheduling negotiations in affecting a coLmtry s future debt servicing capacity. Our results indicate that the out- come ofdebt renegotiations during the 1980s did not appear to significantly qffect countries.fi1ture debt sen•icing capacity. instead, our results suggest that a countrys liquidity position and the global economic condition appear to be the most important factors in determining whether a count1y will be faced with additional debt servicing difP- culty.
Abstract
Utilizing the d1tration ofnon-rescheduling vears data, this paper re-examines the debt rescheduling experi-ences ofLDCsduring the I970 - 1990 time period. Jn addition, it inlestigates the significance ofthe outcome ofdebt rescheduling negotiations in affecting a coLmtry s future debt servicing capacity. Our results indicate that the out- come ofdebt renegotiations during the 1980s did not appear to significantly qffect countries.fi1ture debt sen•icing capacity. instead, our results suggest that a countrys liquidity position and the global economic condition appear to be the most important factors in determining whether a count1y will be faced with additional debt servicing difP- culty.