Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets:
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/10 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spreads and sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that defaults towards private creditors have stronger adverse consequences than defaults to official creditors |
| Beschreibung: | 1 Online-Ressource (39 p) |
| ISBN: | 1451961944 9781451961942 |
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| index_date | 2024-07-03T20:13:30Z |
| indexdate | 2024-07-10T09:35:39Z |
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| spelling | Das, Udaibir S. Verfasser aut Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets Das, Udaibir S Washington, D.C International Monetary Fund 2010 1 Online-Ressource (39 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/10 Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spreads and sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that defaults towards private creditors have stronger adverse consequences than defaults to official creditors Online-Ausg Papaioannou, Michael G. Sonstige oth Trebesch, Christoph Sonstige oth http://elibrary.imf.org/view/IMF001/10655-9781451961942/10655-9781451961942/10655-9781451961942.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Das, Udaibir S. Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets |
| title | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets |
| title_auth | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets |
| title_exact_search | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets |
| title_exact_search_txtP | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets |
| title_full | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets Das, Udaibir S |
| title_fullStr | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets Das, Udaibir S |
| title_full_unstemmed | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets Das, Udaibir S |
| title_short | Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets |
| title_sort | sovereign default risk and private sector access to capital in emerging markets |
| url | http://elibrary.imf.org/view/IMF001/10655-9781451961942/10655-9781451961942/10655-9781451961942.xml |
| work_keys_str_mv | AT dasudaibirs sovereigndefaultriskandprivatesectoraccesstocapitalinemergingmarkets AT papaioannoumichaelg sovereigndefaultriskandprivatesectoraccesstocapitalinemergingmarkets AT trebeschchristoph sovereigndefaultriskandprivatesectoraccesstocapitalinemergingmarkets |