An InternationaDle bt Facility

Jul 5th, 2015
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A COMMONPR OPOSALd esignedt o deal witht he developingc ountries' debtp roblemi s thatt hereb e set up an "internationadl ebtf acility" that would buy debt at a discount and then mark down its contractual value, hence providingd ebtr elief.

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An International Debt Facility?Author(s): W. Max CordenSource: Staff Papers - International Monetary Fund, Vol. 35, No. 3 (Sep., 1988), pp. 401-421Published by: Palgrave Macmillan Journals on behalf of the International Monetary FundStable URL: http://www.jstor.org/stable/3867179 .Accessed: 12/03/2014 11:48Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact support@jstor.org..Palgrave Macmillan Journals and International Monetary Fund are collaborating with JSTOR to digitize,preserve and extend access to Staff Papers - International Monetary Fund.http://www.jstor.orgThis content downloaded from 202.131.98.170 on Wed, 12 Mar 2014 11:48:26 AMAll use subject to JSTOR Terms and ConditionsAn InternationalDebt Facility?W. MAX CORDEN*debtfacilityto buy the debt ofThe proposal to set up an internationalacountriesatdiscountandthenmark down its contractualdevelopingvalue is analyzed. The paper considersthe centralquestionof how thedebtorcountries,creditorbanks, and ownersof thefacilitywould beofgainsand lossestherewouldaffecte

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