This paper examines Latin America's access to international capital markets from 1980 to 2005, with particular attention to the role of domestic and external factors. To capture access to international markets, we use primary gross issuance in international bond, equity, and syndicated-loan markets. Using panel estimation, we find that sound fundamentals matter. For example, Argentina, Brazil, and Chile's superb performance in capital markets during the early 1990s has been in large part driven by better fundamentals. However, the upsurge in international lending to Latin America starting in 2003 has been mainly driven by a dramatic increase in global liquidity.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
13194.
Length: Date of creation: Jun 2007 Date of revision: Handle: RePEc:nbr:nberwo:13194
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Find related papers by JEL classification: F3 - International Economics - - International Finance F30 - International Economics - - International Finance - - - General F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements F34 - International Economics - - International Finance - - - International Lending and Debt Problems F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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