Determinants of Secondary Market Prices for Developing Country Syndicated Loans
研究1985-1988年发展中国家银团贷款二级市场价格的决定因素，发现贷款价值取决于国家偿债能力而非流动性，债务转换计划、债务暂停及美国银行准备金政策均显著压低价格。
ABSTRACT This paper presents our investigation of the factors that determine secondary market prices of developing country syndicated loans. Trading volume in this market has almost doubled yearly from 1985 to 1988 while average market prices declined from 73% to 41% of par value during the same period. We find that loan values depend on a country's solvency rather than its liquidity and show that a country's adoption of a debt conversion program significantly decreases its loans' market prices. Furthermore, the debt moratoria by Brazil and Peru, as well as the developing‐country‐specific provisions made by U.S. banks, impact loan prices negatively.