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Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History? / Michael P. Dooley, Eduardo Fernandez-Arias, Kenneth M. Kletzer.
- Format:
- Book
- Author/Creator:
- Dooley, Michael P.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4792.
- NBER working paper series no. w4792
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Recent Private Capital Inflows to Developing Countries
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1994.
- Summary:
- 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.
- Notes:
- Print version record
- July 1994.
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