Low-Income Countries' Access to Private Debt Markets
AbstractPrivate debt flows to developing countries surged to record levels over the period 2003-07. A few low-income countries have gained access to the international bond market but the bulk of the flows have continued to go to just a few large middle-income countries. Most low-income countries still heavily depend on concessional loans and grants from the official sector to meet their financing needs. The paper provides an overview of low-income countries' access to cross-border bank lending and bond issuance in the international market over the past few decades. It highlights some stylized facts that characterize salient features of low-income countries' experience in external borrowing from the private sector and discusses the various factors that influence governments' and corporations' decisions to seek external financing along with creditors' decisions to provide the financing. The paper concludes by assessing the prospects for low-income countries' access to private debt markets over the medium term.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 4829.
Length: 34 pages
Date of creation: 04 Feb 2009
Date of revision:
accounting; asset class; asymmetric information; availability of credit; average debt; balance of payments; bank lending; bank loan; bank loans; basis points; binding constraint; bond indexes;
Find related papers by JEL classification:
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Claessens, Stijn, 2005.
"Access to financial services: a review of the issues and public policy objectives,"
Policy Research Working Paper Series, The World Bank
3589, The World Bank.
- Claessens, Stijn, 2006. "Access to financial services: a review of the issues and public policy objectives," Journal of Financial Transformation, Capco Institute, Capco Institute, vol. 17, pages 16-19.
- Stijn Claessens, 2006. "Access to Financial Services: A Review of the Issues and Public Policy Objectives," World Bank Research Observer, World Bank Group, World Bank Group, vol. 21(2), pages 207-240.
- David A. Grigorian, 2003. "On the Determinants of First-Time Sovereign Bond Issues," IMF Working Papers, International Monetary Fund 03/184, International Monetary Fund.
- Harrison, Ann E. & Love, Inessa & McMillan, Margaret S., 2002.
"Global capital flows and financing constraints,"
Policy Research Working Paper Series, The World Bank
2782, The World Bank.
- Norman V. Loayza & Romain Rancière & Luis Servén & Jaume Ventura, 2007. "Macroeconomic Volatility and Welfare in Developing Countries: An Introduction," World Bank Economic Review, World Bank Group, World Bank Group, vol. 21(3), pages 343-357, October.
- Bordo, Michael D., 2007.
"Growing up to Financial Stability,"
Economics Discussion Papers, Kiel Institute for the World Economy
2007-33, Kiel Institute for the World Economy.
- Bordo, Michael D., 2008. "Growing up to Financial Stability," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, Kiel Institute for the World Economy, vol. 2(12), pages 1-17.
- Raddatz, Claudio, 2007.
"Are external shocks responsible for the instability of output in low-income countries?,"
Journal of Development Economics, Elsevier,
Elsevier, vol. 84(1), pages 155-187, September.
- Raddatz, Claudio, 2005. "Are external shocks responsible for the instability of output in low income countries?," Policy Research Working Paper Series, The World Bank 3680, The World Bank.
- Dany Jaimovich & Ugo Panizza, 2010.
"Public debt around the world: a new data set of central government debt,"
Applied Economics Letters, Taylor & Francis Journals,
Taylor & Francis Journals, vol. 17(1), pages 19-24.
- Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," IDB Publications 6710, Inter-American Development Bank.
- Dany Jaimovich & Ugo Panizza, 2006. "Public Debt around the World: A New Dataset of Central Government Debt," Research Department Publications, Inter-American Development Bank, Research Department 4461, Inter-American Development Bank, Research Department.
- Anastasia Guscina & Olivier Jeanne, 2006. "Government Debt in Emerging Market Countries," IMF Working Papers, International Monetary Fund 06/98, International Monetary Fund.
- Amadou N. R. Sy & Andrea Pescatori, 2004. "Debt Crises and the Development of International Capital Markets," IMF Working Papers, International Monetary Fund 04/44, International Monetary Fund.
- Senbeta, Sisay, 2011.
"How applicable are the new keynesian DSGE models to a typical low-income economy?,"
30931, University Library of Munich, Germany.
- SENBATA, Sisay Regassa, 2011. "How applicable are the new Keynesian DSGE models to a typical low-income economy?," Working Papers 2011016, University of Antwerp, Faculty of Applied Economics.
- Andrea Filippo Presbitero, 2009. "The 2008-2009 Financial Crisis and the HIPCs: Another Debt Crisis?," Mo.Fi.R. Working Papers, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences 29, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi).
If references are entirely missing, you can add them using this form.