The economic impact of a foreign debt bail‐out for private firms in Ecuador
分析了厄瓜多尔外债转换计划对私营企业财务状况的影响，发现政府向企业的转移支付规模大但非必要，且未用于改善企业资产负债表。
In this article the effect of Ecuador's general foreign debt conversion programme on private firms' financial position is analysed. The programme, called the Sucretización, was similar to programmes implemented by many heavily indebted countries after the debt crisis began. I concentrate on the Sucretización's implicit transfer from the government to firms, arguing that it was large, but unnecessary. Very few firms would have gone bankrupt because of their devaluation‐induced foreign exchange losses. What is more, I find no evidence that firms receiving these transfers used them to strengthen their balance sheets.