This paper analyzes Senegal's experience with telecommunications liberalization and privatization. Senegal privatized its incumbent operator in 1997, and granted the newly privatized firm seven years of fixed-line exclusivity while introducing quot;managed competitionquot; in the cellular market...

We focus on adverse selection as a foundation of group lending. In a simple static model we show that there is no collateral effect if borrowers do not know each other. If the borrowers know each other, group lending implements efficient lending. However, it is not robust to collusive behavior,...

This paper analyzes Senegal's experience with telecommunications liberalization and privatization. Senegal privatized its incumbent operator in 1997, and granted the newly privatized firm seven years of fixed-line exclusivity while introducing "managed competition" in the cellular market and...

If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the ""good"" over the ""bad""...

We analyze the pattern of growth of a nation which borrows abroad and which has the option of repudiating its foreign debt. We show that the equilibrium strategy of competitive lenders is to make the growth of the foreign debt contingent on the growth of the borrowing country. We give a...

This paper analyzes econometrically how a country`s post-crisis debt ratio could be forecast, in the aftermath of a debt crisis, from the previous debt-to-GDP ratio. A critical parameter is simply the debt-to-PPP-GDP ratio, where PPP-GDP is, in current international dollars, the Summers-Heston...

This paper analyzes econometrically how a country's post-crisis debt ratio could be forecast, in the aftermath of a debt crisis, from the previous debt-to-GDP ratio. A critical parameter is simply the debt-to-PPP-GDP ratio, where PPP-GDP is, in current international dollars, the Summers-Heston...