Sovereign Borrowing by Developing Countries: What Determines Market Access?
R. Gaston Gelos () and
No 2004/221, IMF Working Papers from International Monetary Fund
What determines the ability of governments from developing countries to access international credit markets? We examine this question using detailed data on sovereign bond issuances and public syndicated bank loans since 1982. We find that traditional measures of a country’s links with the rest of the world (such as trade openness) and traditional liquidity and macroeconomic indicators do not help much in explaining market access. However, a country’s vulnerability to shocks and the perceived quality of its policies and institutions appear to be important determinants of its government’s ability to tap the markets. We are unable to detect strong punishment of defaulting countries by credit markets.
Keywords: WP; market access; market perception; GDP growth; trade openness; terms of trade; Sovereign debt; international capital markets; syndicated bank loans; bond markets; developing countries; Credit; Private capital flows; Bank credit; Personal income; Global (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (114) Track citations by RSS feed
Downloads: (external link)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden
Journal Article: Sovereign borrowing by developing countries: What determines market access? (2011)
Working Paper: Sovereign Borrowing by Developing Countries: What Determines Market Access? (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2004/221
Ordering information: This working paper can be ordered from
Access Statistics for this paper
More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().