Year: 1994
Type: report
Abstract: This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants ofrenewed access to international capital markets, changes in international interest rates have been the dominant factor.We calculate the effects of changes in international interest rates for a "typical" debtor country.We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows.
DOI: 10.3386/w4792
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1557787674