This paper studies changes in spreads on bank loans to developing countries during 1968-81. It found that a borrower's experience had a significant impact on spreads. Spreads started at high values...
Debt Concentration and Bargaining Power: Large Banks, Small Banks, and Secondary Market Prices.
Fernandez, Raquel, Ozler, Sule
Commercial bank debts of developing countries are held by large international banks and smaller domestic banks. This paper investigates how debt concentration--the proportion of a country's debt held...
Political Instability and Economic Growth
Alberto Alesina, Sule Ozler, Nouriel Roubini, Phillip Swagel
This paper investigates the relationship between political instability and per capita GDP growth in a sample of 113 countries for the period 1950-1982. We define ?political instability? as the...
The role of lender behavior in International project finance
Sumru Altug, Sule Ozler, Murat Usman
A sovereign borrower seeks to raise funds internationally to finance a fixed-size project, which no single lender can finance alone. Lenders cannot lend more than their endowments, which is private...
On the Relation between Reschedulings and Bank Value.
The effect of developing country loan reschedulings on large U.S. banks is investigated using an event study methodology. The major finding concerns the evolving nature of the impact of loan...
Debt concentration and secondary market prices
Fernandez, Raquel, Ozler, Sule
Using a model that distinguishes between large money center banks and smaller regional banks, this paper shows that the percentage of a country's debt held by the large banks affects the secondary...
Have commercial banks ignored history?
What incentives do countries have to repay loans? Do banks credibly punish borrowers that behave badly - and if so, how? Two explanations are commonly offered for why countries repay debts: (a) to...
How factors in creditor countries affect secondary market prices for developing country debt
Bank loans to many developing countries trade at a discount on the secondary market. These discounts are typically assumed to reflect only the repayment prospects of the borrower country. But the...
Labor Market Policies and EU Accession: Problems and Prospects for Turkey
The process of European Union Accession has provided a strong stimulus for various institutional changes in Turkey. The European Council decision taken at Helsinki (10-11 December 1999) was an...
Foreign direct investment has been considered for a long time as an important channel for transfer of technology to developing countries, and an important tool to generate jobs in those countries....
History Matters for the Export Decision Plant Level Evidence from Turkish Manufacturing Industry
Sule Ozler, Erol Taymaz, Kamil Yilmaz
In a dynamic panel data framework, we investigate the factors influencing the export decision of the Turkish manufacturing plants over the 1990-2001 period. Our results support the presence of high...
External Debt and Political Instability
This paper provides a theoretical and empirical analysis of the role played by domestic political incentives in the accumulation of large external debts by developing countries between 1972 and 1981....
Debt Concentration and Bargaining Power: Large Banks, Small Banks, and Secondary Prices
Fernández, Raquel, Ozler, Sule
Commercial bank debts of developing countries are held by a heterogenous group of banks. Here we focus on the distinction between large international money-centre banks and smaller domestic banks. In...
research articles : The role of lender behavior in international project finance
Sumru Altug, Sule Ozler, Murat Usman
A sovereign borrower seeks to raise funds internationally to finance a fixed-size project, which no single lender can finance alone. Lenders cannot lend more than their endowments, which are private...
Commercial Bank Lending to Developing Countries: The Expansion of the Market.
The developing country debt crisis brought attention to the type of lending behavior that predominated while the commercial bank market developed. This article presents the major characterizations of...
Debt Concentration and Bargaining Power: Large Banks, Small Banks, and Secondary Market Prices
Fernandez, Raquel, Ozler, Sule
Sovereign debt, secondary market prices, discounts, bargaining power
Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis
In the context of a model that distinguishes between large money center banks and smaller regional banks, we show that the percentage of a country's debt held by the large banks affects the secondary...
External Debt and Political Instability
This paper studies theoretically and empirically the role of domestic political incentives in the accumulation of large external debts by developing countries during 1972-81. The theoretical model...
Have Commercial Banks Ignored History?
This paper investigates the impact of past defaults. and of recently acquired sovereignty on the terms of bank loans for developing countries in the 1970s. We control for countries' repayment...
External Shocks, Politics and Private Investment: Some Theory and Empirical Evidence
The manner in which the political system responds to external economic shocks in developing countries is a key determinant of the private investment response. We look at a simple model of...
Bank Exposure, Capital and Secondary Market Discounts on the Developing Country Debt
Previous empirical studies of secondary market discounts for developing countries have ignored important creditor country factors. The empirical evidence in this paper indicates that, after...