摘要: The analysis of debt-equity swaps operated in Chile since 1985 shows or suggests that: (1) In a debt-led recession the common belief that DFI net transfers are countercyclical tends to be wrong. (2) Roughly 70 percent discount debt notes international markets has been captured by foreign investor. (3) crises, domestic firms tend "under-priced" currency, thus reinforcing "windfall gains" for swappers. (4) economic rents investor have contributed create supportive mood business community. (5) Debt-equity postponed capital service, but expected profit remittances larger than corresponding interest payment reduction. (6) Overall formation low. Copyright 1990 Oxford University Press.
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