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Re-Accessing International Capital Markets After Financial Crises

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  • L. Zanforlin
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    Abstract

    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21012
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/136.

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    Length: 20
    Date of creation: 01 Jun 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/136

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    Related research

    Keywords: 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;

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    Cited by:
    1. 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.

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