{
  "title": "Assessing Loss of Market Access: Conceptual and Operational Issues",
  "publication": "IMF Working Papers, November 15, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2017/11/15/assessing-loss-of-market-access-conceptual-and-operational-issues-45347",
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  "summary": "Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to determine the likely nature (temporary versus structural)",
  "sections": [
    {
      "heading": "Authors and publication",
      "content": "- By Anastasia Guscina, Sheheryar Malik, Michael G. Papaioannou\n- November 15, 2017\n- IMF Working Papers, Working Paper No. 2017/246\n- Pages: 63\n- Volume: 2017\n- Issue: 246\n- DOI: https://doi.org/10.5089/9781484324936.001\n- Stock No: WPIEA2017246\n- ISBN: 9781484324936\n- ISSN: 1018-5941"
    },
    {
      "heading": "Central focus and operational scope",
      "content": "- Loss of market access (LMA) is identified as a central element and an exacerbator of balance of payments and fiscal crises.\n- The paper provides an operational definition of LMA.\n- The methodological framework aims to:\n  - Examine the predictive power of potential LMA leading indicators.\n  - Attempt to determine the likely nature (temporary versus structural) of an LMA episode.\n  - Analyze potential implications of such an assessment on the required degree of adjustment to restore market access.\n  - Highlight the possible application of the methodological framework for identifying emerging risks to market access."
    },
    {
      "heading": "Key themes and findings",
      "content": "- Operational definition of LMA:\n  - Establishes a framework to characterize episodes of loss of market access.\n- Predictive indicators:\n  - The paper examines the predictive power of potential LMA leading indicators (LMA indicator, LMA variable).\n- Nature of LMA episodes:\n  - The analysis attempts to distinguish between temporary versus structural LMA episodes (LMA episode, LMA event).\n- Policy and adjustment implications:\n  - The likely nature of an LMA episode has implications for the required degree of adjustment to restore market access.\n- Applications:\n  - Framework can be applied for identifying emerging risks to market access."
    },
    {
      "heading": "Subject classifications and keywords",
      "content": "- Subject: Bonds, Credit ratings, Debt sustainability, External debt, Financial institutions, Financial services, Money, Public debt, Yield curve\n- Keywords: Bond Spreads, Bonds, Credit ratings, debt market, Debt sustainability, Default, Global, LMA episode, LMA event, LMA indicator, LMA risk, LMA variable, market access, Sovereign Debt Restructuring, WP, Yield curve\n\nSource: IMF Working Paper \"Assessing Loss of Market Access: Conceptual and Operational Issues\" (Working Paper No. 2017/246), Anastasia Guscina, Sheheryar Malik, Michael G. Papaioannou, November 15, 2017.\n\n---\n\n Content in this bundle\n\n- Assessing Loss of Market Access: Conceptual and Operational Issues, WP/17/246, November 2017\n  - Assessing Loss of Market Access: Conceptual and Operational Issues, WP/17/246, November 2017 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Assessing Loss of Market Access: Conceptual and Operational Issues, WP/17/246, November 2017 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/11/15/assessing-loss-of-market-access-conceptual-and-operational-issues-45347"
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    "Authors: Anastasia Guscina, Sheheryar Malik, Michael G. Papaioannou",
    "Published: November 15, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484324936.001",
    "By Anastasia Guscina, Sheheryar Malik, Michael G. Papaioannou",
    "November 15, 2017",
    "IMF Working Papers, Working Paper No. 2017/246",
    "Pages: 63",
    "Volume: 2017",
    "Issue: 246",
    "DOI: https://doi.org/10.5089/9781484324936.001",
    "Stock No: WPIEA2017246",
    "ISBN: 9781484324936",
    "ISSN: 1018-5941",
    "Loss of market access (LMA) is identified as a central element and an exacerbator of balance of payments and fiscal crises.",
    "The paper provides an operational definition of LMA.",
    "The methodological framework aims to:",
    "Operational definition of LMA:",
    "Predictive indicators:",
    "Nature of LMA episodes:",
    "Policy and adjustment implications:",
    "Applications:",
    "Subject: Bonds, Credit ratings, Debt sustainability, External debt, Financial institutions, Financial services, Money, Public debt, Yield curve",
    "Keywords: Bond Spreads, Bonds, Credit ratings, debt market, Debt sustainability, Default, Global, LMA episode, LMA event, LMA indicator, LMA risk, LMA variable, market access, Sovereign Debt Restructuring, WP, Yield curve",
    "**Assessing Loss of Market Access: Conceptual and Operational Issues, WP/17/246, November 2017**"
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