Is the Debt Crisis History? Recent Private Capital Inflows to Developing Countries
AbstractThe outlook for economic development for an important group of middle-income countries has once again been buoyed by substantial private capital inflows in the 1990s. As in the 1970s, this development has been met with cautious optimism. This empirical study finds that although debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in international interest rates for a "typical" debtor country. We conclude that increases in interest rates associated with a business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows. Copyright 1996 by Oxford University Press.
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Bibliographic InfoArticle provided by World Bank Group in its journal World Bank Economic Review.
Volume (Year): 10 (1996)
Issue (Month): 1 (January)
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Other versions of this item:
- Dooley, Michael & Fernandez-Arias, Eduardo & Kletzer, Kenneth & DEC, 1994. "Is the debt crisis history? Recent private capital inflows to developing countries," Policy Research Working Paper Series 1327, The World Bank.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michael Dooley & Richard D. Haas & Steven Symansky, 1993.
"A Note on Burden Sharing among Creditors,"
IMF Staff Papers,
Palgrave Macmillan, vol. 40(1), pages 226-232, March.
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Policy Research Working Paper Series
1312, The World Bank.
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- Cohen, Daniel & Portes, Richard, 1990. "The Price of LDC Debt," CEPR Discussion Papers 459, C.E.P.R. Discussion Papers.
- Edmar L. Bacha, 1991. "The Brady plan and beyond: New debt management options for Latin America," Textos para discussÃ£o 257, Department of Economics PUC-Rio (Brazil).
- Daniel Cohen, 1992.
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in: NBER Macroeconomics Annual 1992, Volume 7, pages 65-114
National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1992.
"Capital Inflows and Real Exchange Rate Appreciation in Latin America,"
13843, University Library of Munich, Germany.
- Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," IMF Working Papers 92/62, International Monetary Fund.
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