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Rigid debt contracts may seem good in booms.
At the national level, governments could rule foreign-currency debt contracts without UDROPs unenforceable.
They have recently indicated that they would honour existing debt contracts.
It starts operating when inflation is lower than the rate of inflation that was expected when debt contracts were made.
Gangs, for example, like to employ smuggled-in immigrants, frequently Vietnamese, on debt contracts to manage their cannabis plants.
A thicker web of debt contracts is taken as a sign of economic sophistication, not impending insolvency.
Similar(18)
The new finance minister, Fausto Ortiz, is regarded as a political moderate.Mr Correa has set up a committee to review all debt contracted by Ecuador's governments since 1976.
Savers prefer the safety and predictability of a debt contract, which is why they accept lower returns on bonds over time than on equities.
"Household debt contracted at an annual rate of 2 1/4 percent in the second quarter, the ninth consecutive quarterly decline," the central bank reported last month.
Bond funds, meanwhile, eked out modest gains; the average one was up 1.6 percent, as Treasury bond yields were little changed in the quarter but spreads on lower-quality debt contracted, sending prices higher.
Leverage (LEV) captures the impact of debt contracting on EM.
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