, .
.
1. , 1970- ., , , , , , .
2. , 1980- ., , , , , . , , . (debt repudiation), , , , .
3. , 1980- ., , , . (debt overhang) , .
4. , 90- . , . .
, , :
(debt outstanding and disbursed) , , ;
(disbursements) ;
(undisbursed debt) , ;
(principal repayments) ;
(interest payments) ;
(debt service payments) , ;
(net flows) ;
(net transfers) .
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. , , , . .
(debt Laffer's curve) , , - .
, . , , , , , . , - .
(debt restructuring) , - .
:
- (debt rescheduling) , .
- (debt stock reduction) () , , - -.
- (recapitalization) .
:
1) , ;
2) , , , ;
3) - , , , ;
4) , - ;
5) -.
( debt forgiveness) , , , . (buyback) , , - . (debt for equity swaps) , .
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.
1956 . -, - .
-, - , , .
:
- 1988-1991 . .
- 1991-1994 . , - 50% .
- 1995 . , , , 67% .
.
, ( ) , . , .
, . . , , . , .
, . . Kearney. , 1000 , 14 .
, . . Kearney, :
- ;
- ;
- ;
- ;
- ;
- ;
- . .
, , . . Kearney.
. Morgan Stanley Capital Index (MSCI)..
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, California Public Employees Retirement System (CalPERS), . . , , .
1.
1. .
2. .
3. .
2.
4. .
5. .
6. .
7. .