Getting Shut Out of the International Capital Markets: It Doesn't Take Much*

Robert Flood and Nancy Marion ()

Review of International Economics, 2009, vol. 17, issue 5, 879-889

Abstract: We use a simple model of international lending to show that an emerging market borrower who might default can be shut out of international capital markets without warning. A modest haircut on obligations, for example, can shut down lending.

Date: 2009
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