一般注記type:text
The East Asian financial crisis of 1997-99 was essentially one of external debt problems between financial institutions in both lending and borrowing countries, while crises in other emerging market economies—such as in Russia (1998), Brazil (1999) and Argentina (2001)—were associated with external debt problems between sovereign borrowers and overseas private investors. Although both crises were triggered by a reversal of capital inflows caused by a change in investor sentiment, the conflicts of interests among creditors were more complicated in the case of Russia, Brazil, and Argentina than those in East Asia, since the presence of a large number of individual investors made it extremely difficult to undertake restructuring negotiations about the foreign debt of indebted countries in the case of bond finance. Given that both private loan and sovereign bond problems may re-emerge in the future, it is vital to examine the external debt management practices applied in each of the cases noted here. This paper examines external debt management practices with respect to sovereign bonds and private sector external financing.
The 21st century center of excellence program "Policy innovation initiative: human security research in Japan and Asia"
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）