Le preacute;sent document expose les grandes lignes du calcul de la valeur au comptant des quot;optionsquot; inheacute;rentes aux propositions relatives agrave; la restructuration de la dette, y compris les eacute;changes au pair ou au-dessous du pair, preacute;voyant des quot;ameacute;liorationsquot;...

This paper outlines a procedure for calculating the cash value of quot;menu itemsquot; in debt restructuring proposals, including par and non-par exchanges, with enhancements consisting of either interest or principal guarantees. It is argued that under certain plausible assumptions interest and...

A dynamic framework is utilized to evaluate buy-backs of a country`s external debt. The model solves for the price of debt on the basis of expectations concerning the debtor`s ability to pay, and upon a variety of assumptions concerning changes in property rights consistent with various debt...

Evaluation of policy rules using empirical macroeconomic models is usually done on the assumption that the rules are perfectly credible. However, there are usually circumstances that cause the authorities to abandon any given rule. The public`s expectations reflect this possibility. In the...

The paper describes a global model consisting of several industrial and developing country blocks built to analyze alternative economic policies in a medium-term context. The model, which has been used to construct medium-term scenarios for the World Economic Outlook, consists of aggregate...

Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model realignments; how monetary policy is set for individual countries or for Europe; and...