Financial distress and access to capital in emerging markets
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Date
2010-01-01
Journal Title
Journal ISSN
Volume Title
Publisher
Prague University of Economics and Business
Fecha de fin de embargo
Redes Sociales
Citación
Citación APAAbstract
In this paper I study the main determinants of successful reaccess to international capital markets on a set of emerging market countries after a financial crisis. I focus on three components of the reaccess strategy: commitment to pay, ability to pay, and global liquidity. I employ a panel of 49 countries over a nearly 30-year period and apply a simple probit approach to show that, indeed, a sound external position and a sustainable debt profile, accompanied by a favorable global liquidity environment, are the key considerations for creditors considering whether to resume lending.
Description
Keywords
Sovereign debt, Reaccess, International finance, Developing countries, Deuda soberana, Reacceso, Finanzas internacionales, Países en desarrollo
Citation
Guillen, J. (2010). Financial distress and access to capital in emerging markets. Prague Economic Papers, 19(1), 5-20. https://doi.org/10.18267/j.pep.361
