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The Management of the Developing Countries' Debt: Guidelines and Applications to Brazil |
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| Authors: | Cohen Daniel |
| Affiliation: | The author is an economist at the Centre d'Etudes Prospectives d'Economie Mathématique Appliquées à la Planification, Paris, and at the Centre for Economic Policy Research, London. He thanks Violeta Rosenthal for her invaluable assistance, and Nicholas Hope, Homi Kharas, Violeta Rosenthal, and John Underwood for their comments on previous versions of this article. |
| Abstract: | Some principles which may be useful in formulating a debt managementstrategy are articulated. There are four major policy recommendations:(1) stretch out the repayment of the debt; (2) monitor bothexports and GDP; (3) ignore the capital loss of the creditors;and (4) watch the domestic deficit. The goal of the recommendationsis the maximization of the intertemporal welfare of the countryunder the constraint that it services its debt. |
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