Table 2: Probability models of debt rescheduling
|
Study____________ |
Dep. variable |
Model/Est. meth. |
Signi...cant regressors |
|
Berg and Sachs
(1988) |
Debt rescheduling |
Probit |
Income distribution
Share of agriculture in GNP
GNP per capita_________________ |
|
Lloyd-Ellis et al.
(1989) |
Debt rescheduling |
Logit |
Rate of growth of exports
Bank borr./bank deposits
S-t bank borr./tot. bank borr.
M-t bank borr./tot. bank borr.
L-t bank borr./tot. bank borr.
For. exchange res./IMF quota
Unall. cred it/country’s lend.
Undis. credit/bank lending
Number and value of resch. |
|
Lee
(1991) |
Debt rescheduling |
Logit |
Foreign debt/GNP
Growth rate of p.c. GDP
Interest rate on intern. lend.
Ind. countries’ GNP growth
Variability in p.c. GDP
Domestic debt/GDP__________ |
|
Backer
(1992) |
Debt rescheduling |
Logit |
Undis. credit/bank lending
Country’s debt/tot. bank lend.
Bank borr./bank deposits
Growth rate of exports
Wtd. av. spreads of resch.
Resch. and regional dummies
Stock exchange index
Wtd. av. G7 gov. bond yield |
|
Lanoie and Lemarbre
(1996) |
Debt rescheduling
Amount of debt
rescheduled |
Probit
OLS
(Heckman’s two-step
estimator) |
Unall. credit/total borr.
For. exchange res./IMF quota
Undis. credit/total bank borr.
Wtd. av. grace period of resch.
L-t bank borr./tot. bank borr.
M-t bank borr./tot. bank borr.
Imp orts/reserves
GDP per capita
Debt service/exports
Total debt/exports
Debt am ortisation/debt
Investments/GDP
Current account/GDP_________ |
12