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

Re-Accessing International Capital Markets after Financial Crises: Some Empirical Evidence by L. Zanforlin
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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.
International Monetary Fund; June 2007
20 pages; ISBN 9781452733975
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Title: Re-Accessing International Capital Markets after Financial Crises: Some Empirical Evidence
Author: L. Zanforlin
 
ISBNs
145191153X
9781451867008
9781451911534
9781452733975