Credit Rationing in Emerging Economies' Access to Global Capital Markets /

This paper tests empirically the theoretical prediction that the country premium paid by emerging economies on sovereign debt increases with the amount of debt up to a certain critical level, above which the supply of foreign funds becomes fixed. The results confirm this theoretical prediction. The...

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书目详细资料
主要作者: Zoli, Edda
格式: 杂志
语言:English
出版: Washington, D.C. : International Monetary Fund, 2004.
丛编:IMF Working Papers; Working Paper ; No. 2004/070
在线阅读:Full text available on IMF
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245 1 0 |a Credit Rationing in Emerging Economies' Access to Global Capital Markets /  |c Edda Zoli. 
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300 |a 1 online resource (30 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper tests empirically the theoretical prediction that the country premium paid by emerging economies on sovereign debt increases with the amount of debt up to a certain critical level, above which the supply of foreign funds becomes fixed. The results confirm this theoretical prediction. The approach developed in the paper is also used to test for the presence of moral hazard in international lending. The results indicate significant changes in the supply of funds curve consistent with the presence of moral hazard in the period immediately following the Mexican rescue operation, but not after the Russian non-bailout. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2004/070 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2004/070/001.2004.issue-070-en.xml  |z IMF e-Library