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This paper focuses on principles and various aspects of debt reduction and economic activity. The paper analyzes the effect of debt and debt-service reduction on the contractual and market values of a country's debt and also describes the IMF staff's preliminary attempts to describe and quantify the macroeconomic effects of debt and debt-service reduction. The method by which the buyback is financed is critical in determining how much debt reduction takes place, or, alternatively put, how much the price of debt rises. It is assumed in this paper that individual creditors are free to retain their existing claims and that these cannot be subordinated to new claims. It should be recognized at the outset that the approach used is but one of several possibilities. It should also be emphasized that the discussion is preliminary and that results will need to be reassessed as less restrictive assumptions are employed and as our understanding of the important economic relationships involved improves.
Debt relief --- Debts, External --- Mathematical models. --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Law and legislation --- Exports and Imports --- Financial Risk Management --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- International Lending and Debt Problems --- Debt Management --- Sovereign Debt --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment --- Capital --- Intangible Capital --- Capacity --- International economics --- Finance --- Monetary economics --- Investment & securities --- Debt reduction --- Interest payments --- Debt service payments --- Private debt --- External debt --- Asset and liability management --- National accounts --- Debt service --- Money --- Saving and investment --- United States
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