This paper provides a conceptual basis for the analysis of determinants of commercial bank lending to LDCs. Modern financial economic theory, and in particular the valuation of options, is used to develop the framework. The paper first studies the circumstances under which borrowing countries, faced with a given level of external debt, would choose policy and investment alternatives substantially different from those they would choose in the absence...
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INFORMATION
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1984/08/31
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Document de travail départemental
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CPD8427
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1
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1
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2017/08/10
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Disclosed
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LDC borrowing : growth opportunities and credit rationing
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higher rate of interest
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