Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief
比较了多种基于市场的债务纾困方式与债权人协调债务减免的效果，发现对流动性受限的债务人，最优纾困方案需包含新增贷款。
We compare various forms of market-based debt relief with coordinated debt forgiveness on the part of creditors.These schemes lead to different alLocations of resources and levels of debtor and creditor welfare, but all attempt to stimulate debtor investment through reductions in the level of debt.If investment-incentive effects are present, then investment in liquidity-constrained debtors will respond by enough to make a reduction in debt profitable, but not by enough to make the reduction in debt optimal.For these countries the optimal debt-relief package (from the creditors perspective) will include an infusion of new lending.