The Mexican Financial Crisis
AbstractThis paper reviews developments in private capital flows to developing countries since the Mexican financial crisis in December 1994. The paper points out that a strong recovery in these flows masks some significant changes in their characteristics, particularly in the type of borrowers back toward sovereigns and the currency denomination of new issues shifted away from U.S. dollars. Terms of new bond issues became significantly less favorable than before the Mexican crisis. One of the most striking developments was the sharp increase in bond placements by developing countries in deutsche mark and yen. It is shown that relatively favorable credit ratings assigned by Japanese rating agencies facilitated some developing countries to tap the yen bond market.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 95/132.
Date of creation: 01 Dec 1995
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- Steven B. Kamin & Karsten von Kleist, 1999. "The evolution and determinants of emerging market credit spreads in the 1990s," International Finance Discussion Papers 653, Board of Governors of the Federal Reserve System (U.S.).
- Eugen Tereanu & Johanna L. Francis & Dilek Aykut, 2010.
"The Cost of Private Debt Over the Credit Cycle,"
IMF Working Papers
10/283, International Monetary Fund.
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