Sovereign Borrowing by Developing Countries: What Determines Market Access?
IMF Working Papers, November 1, 2004
Source details
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- Sovereign Borrowing by Developing Countries: What Determines Market Access?
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Bibliographic details
- Authors: Gaston Gelos, Guido M Sandleris, Ratna Sahay
- Published: November 1, 2004
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451875263.001
Study overview and data
- Authors: Gaston Gelos, Guido M Sandleris, Ratna Sahay
- Publication date: November 1, 2004
- Format: IMF Working Papers, Working Paper No. 2004/221, Issue: 221, Volume: 2004, Pages: 42
- DOI: https://doi.org/10.5089/9781451875263.001
- Stock No: WPIEA2212004
- ISBN: 9781451875263
- ISSN: 1018-5941
- Empirical coverage: detailed data on sovereign bond issuances and public syndicated bank loans since 1982
Key findings
- Traditional measures of a country’s links with the rest of the world (such as trade openness) do not help much in explaining market access.
- Traditional liquidity and macroeconomic indicators do not help much in explaining market access.
- A country’s vulnerability to shocks appears to be an important determinant of its government’s ability to tap international credit markets.
- The perceived quality of a country’s policies and institutions appears to be an important determinant of market access.
- The authors are unable to detect strong punishment of defaulting countries by credit markets.
Subject areas and keywords (as listed)
- Subject: Balance of payments, Bank credit, Credit, Money, National accounts, Personal income, Private capital flows, Public debt
- Keywords: Bank credit, bond markets, Credit, developing countries, GDP growth, Global, international capital markets, market access, market perception, Personal income, Private capital flows, Sovereign debt, syndicated bank loans, terms of trade, trade openness, WP
Source: IMF Working Paper — "Sovereign Borrowing by Developing Countries: What Determines Market Access?" by Gaston Gelos, Guido M Sandleris, Ratna Sahay, November 1, 2004.