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D. Lessard (1987)
Recapitalizing the third world : toward a new vision of commercial financing for less developed countriesResearch Papers in Economics
Footnotes 1 . See Bernard Dumas and Phillipe Jorion, “The Optimal Composition of Debt: Application to Chile,” The World Bank (1993); and, earlier, Rudiger Dornbusch, “Exchange Rates and Commodity Prices,” American Economic Review(1987). 2 . For a discussion along these lines of alternative oil contracting arrange‐ the Choice of Contract Forms for Oil Exploration and Development,” The Energy ments, see Charles Blitzer, James Paddock, and Donald Lessard, “Risk Bearing and Journal 5 (1984). 3 . For a much more detailed discussion of risk‐shifting financing strategies for developing countries, see my article, “Recapitalizing Third‐World Debt: Toward a New Vision of Commercial Finance for Less‐developed Countries ,” Midland Corporate Finance Journal , Vol. 5 No. 3 , Fall 1987 . 4 . Abstract of J. Sachs, A. Velasco, and A. Tornell, “The Collapse of the Mexican Peso: What Have We Learned?,” NBER Working Paper #5142, June 1995. 5 . See, for example, the Global Derivatives Study Group, Derivatives: Principles and Practices (Washington, D.C., July, 1993). This study is popularly known as the “Group of Thirty” report. 6 . Short‐term transactions, however, can under many circumstances provide effective hedges against longer‐term positions if the amounts covered adequately reflect the time period
Journal of Applied Corporate Finance – Wiley
Published: Sep 1, 1995
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