Is the debt crisis history? Recent private capital inflows to developing countries

被引：33

作者：

Dooley, M ^{[1
]}

FernandezArias, E ^{[1
]}

Kletzer, K ^{[1
]}

机构：

[1] INTER AMER DEV BANK,WASHINGTON,DC 20577

来源：

WORLD BANK ECONOMIC REVIEW | 1996年 / 10卷 / 01期

关键词：

D O I：

10.1093/wber/10.1.27

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The outlook for economic development for an important group of middle-income countries has once again been buoyed by substantial private capital inflows in the 1990s. As in the 1970s, this development has been met with cautious optimism. This empirical study finds that although 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 a business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows.

引用

页码：27 / 50

页数：24