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Re-Accessing International Capital Markets After Financial Crises: Some Empirical Evidence
Author:
Ms. Luisa Zanforlin
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Series:
IMF Working Papers
Volume/Issue:
Volume 2007: Issue 136
Language:
English
Publication Date:
01 Jun 2007
DOI:
https://doi.org/10.5089/9781451867008.001
ISBN:
9781451867008
ISSN:
1018-5941
Pages:
20
Keywords:
WP; financial crisis; capital market; expected return; liquidity support
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund