Sovereign Borrowing by Developing Countries: What Determines Market Access?
- Topics:
- Commercial Lending,
- Loan Participations
- Tags:
- Bond,
- Software,
- Microsoft Access,
- Investment,
- IMF,
- Government,
- Free Trade,
- Finance,
- Enterprise Software,
- Developing Country,
- ...
- Source:
- International Monetary Fund
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Overview: What determines the ability of governments from developing countries to access international credit markets? This article examines this question using detailed data on sovereign bond issuances and public syndicated bank loans since 1982. It finds that traditional measures of a country's 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 country's vulnerability to shocks and the perceived quality of its policies and institutions appear to be important determinants of its government's ability to tap the markets.
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Format: PDF | Size: 716KB | Date: Nov 2004 | Pages: 42
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