Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?
AbstractThis empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in international interest rates for a 'typical' debtor country. We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4792.
Date of creation: Jul 1994
Date of revision:
Publication status: published as Dooley, Michael & Fernandez-Arias, Eduardo & Kletzer, Kenneth, 1996. "Is the Debt Crisis History? Recent Private Capital Inflows to Developing Countries," World Bank Economic Review, Oxford University Press, vol. 10(1), pages 27-50, January.
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Find related papers by JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
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"The Debt Crisis: A Postmortem,"
in: NBER Macroeconomics Annual 1992, Volume 7, pages 65-114
National Bureau of Economic Research, Inc.
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7125, University Library of Munich, Germany.
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