Debt Games: Strategic Interaction in International Debt Rescheduling
Cambridge University Press, 8/1/1996
EAN 9780521352024, ISBN10: 0521352029
Hardcover, 632 pages, 22.9 x 15.2 x 4 cm
Language: English
International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.
Preface
Overview
Part I. Argument
1. Examining the importance of epochs
2. Debt games and play
toward a model of debt rescheduling
3. A situational theory of payoffs and intervention decisions
4. A theory of situational change
Part II. Epoch 1
the 1820s to the 1860s
5. The intersection of high and low politics
Mexican debt rescheduling, 1824 to 1867
6. Guano makes the world go 'round
Peruvian debt rescheduling, 1823 to 1850s
Part III. Epoch 2
the 1860s to the 1910s
7. From stability to chaos
Mexican debt rescheduling, 1867 to 1914
8. To the victor go the spoils (and headaches)
Peruvian debt rescheduling, 1875 to 1900s
Part IV. Epoch 3
the 1910s to the 1950s
9. Riding on the storm
Mexican debt rescheduling, 1916 to 1942
10. Years of false hope
Peruvian debt negotiations, 1930 to 1953
Part V. Epoch 4
the 1970s to the 1990s
11. The good guys get tired
Mexico in the 1980s
12. The politics of confrontation
Peru in the 1980s and 1990s
13. Collision course
Argentina in the 1980s and 1990s
14. The search for independence
Brazil in the 1980s and 1990s
Part VI. Implications
15. Conclusion
Appendix
Bibliography.