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Re-Accessing International Capital Markets after Financial Crises: Some Empirical Evidence

Опубликовано на портале: 30-11-2007
IMF, Working Paper. 2007.  No. 07/138.
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.

Ссылки
http://www.imf.org/external/pubs/ft/wp/2007/wp07136.pdf
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