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Re-Accessing International Capital Markets After Financial Crises; Some Empirical Evidence

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  • Luisa Zanforlin

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.

Suggested Citation

  • Luisa Zanforlin, 2007. "Re-Accessing International Capital Markets After Financial Crises; Some Empirical Evidence," IMF Working Papers 07/136, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/136
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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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