EconPapers    
Economics at your fingertips  
 

Sovereign Borrowing by Developing Countries: What Determines Market Access?

R. Gaston Gelos, Ratna Sahay and Guido Sandleris
Authors registered in the RePEc Author Service: Guido Sandleris, Ratna Sahay and R. Gaston Gelos ()

Business School Working Papers from Universidad Torcuato Di Tella

Abstract: 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 between 1980 and 2000. A key finding of this paper is that the frequency of default does not reduce market access and there appears to be no lengthy exclusion from credit markets following a default. We also find that trade openness, a standard measure of a country's links with the rest of the world, 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 economic policies and institutions appear to influence the government’s ability to tap the markets.

Pages: 33 pages
Date: 2008
New Economics Papers: this item is included in nep-dev
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16) Track citations by RSS feed

Downloads: (external link)
http://www.utdt.edu/download.php?fname=_120474059375424900.pdf (application/pdf)

Related works:
Journal Article: Sovereign borrowing by developing countries: What determines market access? (2011) Downloads
Working Paper: Sovereign Borrowing by Developing Countries: What Determines Market Access? (2004) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:udt:wpbsdt:2008-02

Access Statistics for this paper

More papers in Business School Working Papers from Universidad Torcuato Di Tella Contact information at EDIRC.
Bibliographic data for series maintained by Nicolás Del Ponte ().

 
Page updated 2022-09-23
Handle: RePEc:udt:wpbsdt:2008-02