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Latin America's Access to International Capital Markets: Good Behavior or Global Liquidity? / Ana Fostel, Graciela Laura Kaminsky.
- Format:
- Book
- Author/Creator:
- Fostel, Ana.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13194.
- NBER working paper series no. w13194
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Latin America's Access to International Capital Markets
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2007.
- Summary:
- This paper examines Latin America's access to international capital markets from 1980 to 2005, with particular attention to the role of domestic and external factors. To capture access to international markets, we use primary gross issuance in international bond, equity, and syndicated-loan markets. Using panel estimation, we find that sound fundamentals matter. For example, Argentina, Brazil, and Chile's superb performance in capital markets during the early 1990s has been in large part driven by better fundamentals. However, the upsurge in international lending to Latin America starting in 2003 has been mainly driven by a dramatic increase in global liquidity.
- Notes:
- Print version record
- June 2007.
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