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Access to Market Financing for IDA-eligible Countries—the Role of External Debt and IMF-Supported Programs

Author

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  • Mr. Alun H. Thomas

Abstract

Exclusion restrictions used to identify demand and supply relationships for market financing among IDA recipients (past and present) show that poor credit ratings and high political instability adversely impact the supply of market finance. While the adverse effects of external debt on market access occur at very high levels for IDA-eligible countries, the sizeable debt relief provided in the context of the enhanced HIPC Initiative has significantly raised the likelihood of market access for these countries. For countries that have graduated from IDA financing, the length of country spells in IMF-supported programs raises the likelihood of market access, although this effect is absent for IDA-eligible countries.

Suggested Citation

  • Mr. Alun H. Thomas, 2009. "Access to Market Financing for IDA-eligible Countries—the Role of External Debt and IMF-Supported Programs," IMF Working Papers 2009/217, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2009/217
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    Cited by:

    1. Chuku Chuku & Mustafa Yasin Yenice, 2021. "Working Paper 356 - Eurobonds, debt sustainability and macroeconomic performance in Africa: Synthetic controlled experiments," Working Paper Series 2482, African Development Bank.
    2. Mr. Andrea F Presbitero & Mr. Dhaneshwar Ghura & Mr. Olumuyiwa S Adedeji & Lamin Njie, 2015. "International Sovereign Bonds by Emerging Markets and Developing Economies: Drivers of Issuance and Spreads," IMF Working Papers 2015/275, International Monetary Fund.
    3. Abdoul' Ganiou Mijiyawa, 2022. "External debt in developing countries since HIPC and MDRI: What are the driving factors?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1683-1699, April.
    4. Rune Hagen, 2012. "Certified or branded?," The Review of International Organizations, Springer, vol. 7(2), pages 203-230, June.

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