Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History? / Michael P. Dooley, Eduardo Fernandez-Arias, Kenneth M. Kletzer.

By:

Dooley, Michael P

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w4792.Publication details: Cambridge, Mass. National Bureau of Economic Research 1994.Description: 1 online resource: illustrations (black and white)Subject(s):

F34 - International Lending and Debt Problems

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Abstract: This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed 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.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w4792 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w4789 The Financial Accelerator and the Flight to Quality /	nber w4790 Agricultural Interest Groups and the North American Free Trade Agreement /	nber w4791 The Ethnic and Racial Character of Self-Employment /	nber w4792 Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History? /	nber w4793 Capital Flight, External Debt and Domestic Policies /	nber w4794 Work and Crime: An Exploration Using Panel Data /	nber w4795 Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey /	Next

July 1994.

This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed 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.