Financial Distress and Access to Capital in Emerging Markets
AbstractIn this paper I study the main determinants of successful reaccess to international capital markets on a set of emerging market countries after a financial crisis. I focus on three components of the reaccess strategy: commitment to pay, ability to pay, and global liquidity. I employ a panel of 49 countries over a nearly 30-year period and apply a simple probit approach to show that, indeed, a sound external position and a sustainable debt profile, accompanied by a favorable global liquidity environment, are the key considerations for creditors considering whether to resume lending.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Prague Economic Papers.
Volume (Year): 2010 (2010)
Issue (Month): 1 ()
Postal: Editorial office Prague Economic Papers, University of Economics, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic
Find related papers by JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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