Jorgensen Erika author Sachs Jeffrey D. author Columbia University. Earth Institute Columbia University. Economics Columbia University. International and Public Affairs Columbia University. Health Policy and Management Columbia University. Earth Institute originator text Working papers Cambridge, Mass. National Bureau of Economic Research 1988 English This paper examines the patterns of defaults, renegotiations, and final settlements on foreign borrowing of several Latin American governments in the interwar period. One goal of the paper is to provide a detailed historical account of the borrowing and renegotiation experience of five Latin borrowers (Argentina, Bolivia, Chile, Colombia, and Peru). Another goal is to provide a quantitative assessment of the amount of debt relief that was implicit in the negotiated settlements of the defaults that were reached in the 1930s and 1940s. In general, the pattern of default and renegotiation resulted in substantial, though not complete, debt relief, in the sense of reducing the present value of debt repayments from the sovereign borrower to the bondholders. Economics Finance Latin American studies 2636 http://hdl.handle.net/10022/AC:P:8243 NNC NNC 2009-09-29 14:42:35 -0400 2012-06-12 12:23:17 -0400 441 eng