The Costs of Default

adjustment Anatole Kaletsky Argentina assets bankers banking system billion Brazil capital central banks Chile Cline commercial conciliatory default coun country's creditor country governments creditor governments Data Resources Inc debt crisis debt problem debt servicing debtor countries defaulter's defaulting country depositors developing countries domestic Enders and Mattione equity exports exposure Federal Reserve foreign central banks foreign exchange foreign government FSIA growth rate IMF's imports industrialized countries institutions interest payments interest rates international banks International Debt International Finance investors involved judgment Latin America loan loss long-term loss reserves major Mareva injunctions ment Mexico money center banks multinational nations percent Philippines political potential defaulters prejudgment attachments ratio repudiation rescheduling retaliation sanctions short-term sovereign immunity sovereign lending sovereign loan Table Third World Thomas Enders tion Trade balance trade credits trade finance U.S. banks U.S. courts U.S. government United Venezuela waiver Wharton Econometric World Bank World Economic Outlook