Guillén, Jorge2021-09-302021-09-302010-01-01Guillen, 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.361https://hdl.handle.net/20.500.12640/2437In 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.application/pdfenginfo:eu-repo/semantics/openAccessAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttps://creativecommons.org/licenses/by-nc-nd/4.0/Sovereign debtReaccessDeuda soberanaInternational financeReaccesoFinanzas internacionalesDeveloping countriesPaíses en desarrolloinfo:eu-repo/semantics/articlehttps://doi.org/10.18267/j.pep.361https://purl.org/pe-repo/ocde/ford#5.02.04