Interest rates fell sharply after Mexico's Brady deal, and private investment and growth recovered. The authors show that the main benefit of debt relief was not to lower expected payments but to reduce uncertainty. Reduced uncertainty was found to be the dominant factor in explaining the positive macroeconomic response (largely because of its favorable effect on exchange rate crises). Econometrically, they find that the variability of the future...
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1993/06/30
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Documento de trabalho sobre pesquisa de políticas
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WPS1147
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1
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1
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2010/07/01
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Interest rates, growth, and external debt : the macroeconomic impact of Mexico's Brady deal
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net transfer
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