IMF Finances

Public Information Notice: IMF Executive Board Holds Seminar on Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging From Crisis-Further Considerations
September 29, 2005

Sovereign Borrowing by Developing Countries: What Determines Market Access?
November 1, 2004

Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging from Crises
September 6, 2001




Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging from Crises: Further Considerations

Prepared by the International Capital Markets Department

March 1, 2005

Use the free Adobe Acrobat Reader to view the full text (241 k pdf file).

Contents
   Executive Summary
I.  Introduction
II.  External Conditions, Domestic Policy Stance, and Market Reaccess
III.  Other Considerations to Reaccess Markets
  A. Communications Strategy
  B. Selection of a Reaccess Bond
  F. The FY 2005 Administrative Budget Proposal
  G. The Medium-Term Expenditure Framework
Boxes
1. Venezuela: A Return to International Capital Markets
2. Brazil: A Return to International Capital Markets
3. Ukraine: A Return to International Capital Markets
4. The Russian Federation: A Return to International Capital Markets
5. Dynamics of Sovereign Spreads
Figures
1A. JP Morgan EMBI+ and 10-Year U.S. Treasury Note
1B. Liquidity, Credit, and Volatility Index (LCVI) - Overall Indicator
Tables
1. Length of Loss of Market Access Following a Restructuring of Bonds
2. Characteristics of Selected Reaccess Issues
Attachment
  Econometric Analysis
  References