Re-Accessing International Capital Markets After Financial Crises
The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign''s commitment and ability to repay its foreign debt, signaled by sound macroeconomic policies, and the global liquidity environment. Using panel data for 49 countries over a 24-year period, the analysis uses a simple probit approach to show that, indeed, a sustainable debt profile and a sound external position, accompanied by a favorable global liquidity environment, are key factors in affecting the likelihood a sovereign reaccesses international capital markets.
If you experience problems downloading a file, check if you have the
view it first. In case of further problems read
the IDEAS help
. Note that these files are not
on the IDEAS
site. Please be patient as the files may be large.
Paper provided by International Monetary Fund in its series IMF Working Papers
Date of creation:
01 Jun 2007Date of revision:
Contact details of provider:
Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
Related researchKeywords: Sovereign debt
; Developing countries
; capital markets
; debt service
; international capital markets
; international capital
; global liquidity
; current account
; access to international capital
; access to international capital markets
; current account balance
; short term debt
; current account deficit
; debt reduction
; foreign debt
; bond issues
; current account balances
; budget balance
; international lending
; debt crisis
; currency debt
; access to capital markets
; sovereign bond
; external obligations
; debt stock
; current account deficits
; capital market
; debt ratios
; foreign currency debt
; private creditors
; sovereign debt crises
; debt restructuring
; external financing
; central bank
; domestic capital
; budget balances
; creditworthy borrowers
; debt problems
; debt sustainability
; sovereign borrower
; private investors
; debt ratio
; public debt
; debt crises
; domestic capital market
; sovereign defaults
; short-term debt
; external debt
; moral hazard
; long-term debt
; brady bonds
This paper has been announced in the following NEP Reports:
ReferencesNo references listed on IDEAS
You can help add them by filling out this form
Citations are extracted by the CitEc Project
, subscribe to its RSS feed
for this item.
- Wälti, Sébastien & Weder, Ghislaine, 2009.
"Recovering from bond market distress: Good luck and good policy,"
Emerging Markets Review,
Elsevier, vol. 10(1), pages 36-50, March.
This item is not listed on Wikipedia, on a reading list
or among the top items
StatisticsAccess and download statistics
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:07/136. See general information
about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.