Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?, Issue 4792
Michael Patrick Dooley · Eduardo Fernandez-Arias · Kenneth Kletzer
Jan 1994 · World Bank Publications
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30
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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.
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 internatio...
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