The paper presents evidence from the past three years which indicates that the exchange rate between the private ECU and the official ECU Basket can deviate substantially from par. The value of the private ECU is driven by expectations that a future European Central Bank will enforce par...

During the past fifteen years, the international bank-loan market has replaced the international bond and direct investment markets as the major source of private development capital. In addition, rescheduling external debt, normally in the context of a comprehensive stabilization program, has...