《The Brady Plan, the 1989Mexican Debt》.pdfVIP

d e z i r o h t u A Policy Research e r u s o WORKING P l c s i D Finance andInternational Debt c i l b u Department Economics P International Bank TheWorld 1992 November WPS1012 d e z i r o h t u A e r u s The Brady Plan, o l c s i D c i 1989Mexican Debt l the b u P ReductionAgreement, d e z i and BankStock Returns r o h t u A e in the UnitedStatesand Japan r u s o l c s i D c i l b u P HalukUnal DemirgQu-Kunt Asih d and e z i r o Leung Kwok-Wai h t u A e r u s o l c s i D c i l b u P The menu approachto debtrestruc.uringmay benefitboth the creditorbanks andthe debtorcountries. amongBankstaff ofworkinpogress andencurag theexchangeofideas dissennatethefindings Wang Papers ThePaicy Research Staff,carrythenamesoftheauthoza. Advisory by theResearch pipers, distributed These andallothersinteresedindevelopmentissues. own.They aretheauthors inpretations, andconclusions Thefundings, andcted accordingly. andshouildbeuscd reflectonlyheirviews. countries. or anyof itsmembor itsmanagement, Bank,its BoardofDirectors, shouldnot be atuibutedto theWodld PollcyResearch Debtand InternaglonalFinance WPS 1012 This paper - a product of the Debt and IntemationalFinance Division, Intemational Economics banklendingbehavior. tounderstandcommercial Department-is partof alargereffortin thedepartment Copiesof the paperare availablefreefromthe WorldBank, 1818H StreetNW, Washington,DC20433. roomN9-043,extension37664 November1992,26 pages . PleasecontactWidhanayaPatrawimolpon, and Leunginvestigatethe Bradyannouncementand the Mexicanagree- Unal,DemirgU,-Kunt, do not appearto impactof the menu approachto debt reschedul- ment.U.S. non-multinationals ingon the marketvalue of two majorcreditors: havebeen significantlyaffectedby these intenma- events. U.S. and Japanesebanks.They try to understand tional-debt-related how major creditorbanks are affectedby debt reschedulingsandthe menuchoicesth