The Simple Analytics of Debt-Equity Swaps
分析债转股交易对债务国和债权人的利弊，指出市场失灵可能阻碍有益交易，并评估其对债务国投资水平及未来偿债困难的影响。
Recent attempts to resolve the international debt crisis have lead some countries to engage in debt-equity swaps. The paper explores conditions under which such transactions are beneficial to the debtor as well as the creditors. It identifies a market failure that may prevent the emergence of actually beneficial swaps and analyzes the effects of swaps on the investment level in the debtor country. The latter helps to evaluate the contribution of this policy to future difficulties with debt service payments.