European Parliament Library

Re-Accessing International Capital Markets After Financial Crises :, Some Empirical Evidence, Luisa Zanforlin

Abstract
The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign's commitment and ability to repay its foreign debt, signaled by sound macroeconomic policies, and the global liquidity environment. Using panel data for 49 countries over a 24-year period, the analysis uses a simple probit approach to show that, indeed, a sustainable debt profile and a sound external position, accompanied by a favorable global liquidity environment, are key factors in affecting the likelihood a sovereign reaccesses international capital markets
Table Of Contents
Contents; I. Introduction; II. Resuming Lending to Sovereigns; A. Background; III. Empirical Methodology; A. Data; IV. Estimation Results; V. Conclusions; Tables; 1. Countries and Episodes of Crisis and Reaccess in the Full Sample 1980-2003; 2. Summary Statistics; 3. Estimation Methodology: Multivariate Probit; 4. Estimations with Interacted Variables; 5. Estimation Methodology: Probit with Instrumental Variables; References; Appendix; List of Countries in Dataset
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (22 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9780145191153

Library Locations

  • EP Library Strasbourg

    7 Place Adrien Zeller, Allée du Printemps, Strasbourg, F-67070, FR
    Borrow
  • EP Library Brussels

    60 rue Wiertz, Brussels, B-1047, BE
    Borrow
  • EP Library Luxembourg

    Rue du Fort Thüngen, Luxembourg, L-1313, LU
    Borrow