Credit Rationing in Emerging Economies' Access to Global Capital Markets

Credit Rationing in Emerging Economies' Access to Global Capital Markets
This paper tests empirically the theoretical prediction that the country premium paid by emerging economies on sovereign debt increases with the amount of debt up to a certain critical level, above which the supply of foreign funds becomes fixed. The results confirm this theoretical prediction. The approach developed in the paper is also used to... READ MORE...

Publication date: April 2004
ISBN 9781451849189
$15.00

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