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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/6107

    Title: Debt Rescheduling and the Choice between Bonds and Loans for LDC`s Foreign Debt
    Authors: 周行一
    Chow, Edward H.
    Date: 1994-04
    Issue Date: 2008-11-05 16:56:24 (UTC+8)
    Abstract: This paper examines less developed country (LDC) borrowers` choice of financing methods. I devleop and test the hypothesis that ex-ante consideration of rescheduling affects LDC borrowers` choice between bonds and commercial loans. Banks can monitor and distinguish between permanent and temporary shocks, while bondholders cannot. Therefore, debt rescheduling based on the nature of economic shocks is feasible with loan financing. Our empirical findings indicate the debt rescheduling is considered exante in LDC lending. In addition, default risk and contract size affect the choice of financing instruments.
    Relation: Open Economies Review, 5(2), 139-157
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1007/BF01000484
    DOI: 10.1007/BF01000484
    Appears in Collections:[財務管理學系] 期刊論文

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