Assessing Loss of Market Access: Conceptual and Operational Issues

Anastasia Guscina, Sheheryar Malik and Michael Papaioannou

No 2017/246, IMF Working Papers from International Monetary Fund

Abstract: 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) of an LMA episode, and analyzes potential implications of such an assessment on the required degree of adjustment to restore market access. Finally, it highlights the possible application of the methodological framework for identifying emerging risks to market access.

Keywords: WP; market access; LMA episode; LMA indicator; debt market; LMA risk; Sovereign Debt Restructuring; Default; Bond Spreads; LMA variable; LMA event; Debt sustainability; Credit ratings; Yield curve; Bonds; Global (search for similar items in EconPapers)
Pages: 63
Date: 2017-11-15
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Citations: View citations in EconPapers (7)

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