The Resource Debt crises and the development of international capital markets, prepared by Andrea Pescatori and Amadou N.R. Sy

Debt crises and the development of international capital markets, prepared by Andrea Pescatori and Amadou N.R. Sy

Label
Debt crises and the development of international capital markets
Title
Debt crises and the development of international capital markets
Statement of responsibility
prepared by Andrea Pescatori and Amadou N.R. Sy
Creator
Contributor
Author
Issuing body
Subject
Language
eng
Summary
Crises on external sovereign debt are typically defined as defaults. Such a definition accurately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining defaults as debt crises is problematic for the 1990s, when sovereign bond markets emerged. In contrast to the 1980s, the 1990s are characterized by significant foreign debt-servicing difficulties but fewer sovereign defaults. In order to capture this evolution of debt markets, we define debt crises as events occurring when either a country defaults or its bond spreads are above a critical threshold. We find that our definition outperforms the default-based definition in capturing debt-servicing difficulties and, consequently, in fitting the post-1994 period. In particular, liquidity indicators are significant in explaining our definition of debt crises, while they do not play any role in explaining defaults after 1994
Member of
Action
digitized
Cataloging source
OCLCE
Illustrations
illustrations
Index
no index present
LC call number
HG3881.5.I58
LC item number
W67 no.04/44
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
IMF working paper
Series volume
WP/04/44
Label
Debt crises and the development of international capital markets, prepared by Andrea Pescatori and Amadou N.R. Sy
Publication
Antecedent source
file reproduced from original
Bibliography note
Includes bibliographical references (pages 30-32)
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn648566123
Dimensions
unknown
Extent
1 online resource (32 pages)
File format
one file format
Form of item
online
Isbn
9781281345387
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
illustrations
http://library.link/vocab/recordID
.b37166542
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
  • (OCoLC)648566123
  • imf1281345385
System details
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.

Library Locations

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      -38.195656 144.304955
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