| Description |
1 online resource (41 pages) |
| Series |
IMF working paper, 2227-8885 ; WP/04/221 |
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IMF working paper ; WP/04/221.
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| Contents |
""Contents""; ""I. INTRODUCTION""; ""II. SOVEREIGN BORROWING: THEORETICAL PREDICTIONS""; ""III. EMPIRICAL STRATEGY""; ""IV. RESULTS ""; ""APPENDIX GDP""; ""REFERENCES"" |
| Summary |
Annotation What determines the ability of governments from developing countries to access international credit markets? We examine this question using detailed data on sovereign bond issuances and public syndicated bank loans since 1982. We find that traditional measures of a countrys links with the rest of the world (such as trade openness) and traditional liquidity and macroeconomic indicators do not help much in explaining market access. However, a countrys vulnerability to shocks and the perceived quality of its policies and institutions appear to be important determinants of its governments ability to tap the markets. We are unable to detect strong punishment of defaulting countries by credit markets |
| Bibliography |
Includes bibliographical references |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Debts, External -- Developing countries
|
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Loans, Foreign -- Developing countries.
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Capital market -- Developing countries
|
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Capital market
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Debts, External
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Loans, Foreign
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Developing countries
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| Form |
Electronic book
|
| Author |
Sahay, Ratna, author.
|
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Sandleris, Guido, author.
|
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International Monetary Fund. Western Hemisphere Department, issuing body.
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| ISBN |
128351656X |
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9781283516563 |
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9781451919868 |
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1451919867 |
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9781451875263 |
|
1451875266 |
| ISSN |
2227-8885 |
|
