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Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience

Author

Listed:
  • Mohamed A. El-Erian

    (International Monetary Fund)

Abstract

After a prolonged and almost total reliance on debt restructurings and concerted money facilities, several Latin American countries have mobilized voluntary financing from international capital markets. Although the phenomenon is still limited in terms of volume and number of borrowers, it has attracted considerable attention. This paper reviews the nature, magnitude, and terms of the market re-entry process and analyzes the factors that have facilitated it. A discussion follows, based on this review, of the key elements affecting the short-term prospects for Latin American private and public sector voluntary debt and equity financing from international capital markets.

Suggested Citation

  • Mohamed A. El-Erian, 1992. "Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 175-194, March.
    • Handle: RePEc:pal:imfstp:v:39:y:1992:i:1:p:175-194
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    Citations

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    Cited by:

    1. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
    2. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
    3. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," MPRA Paper 13843, University Library of Munich, Germany.
    4. Mr. Arvind Subramanian, 1997. "The Egyptian Stabilization Experience: An Analytical Retrospective," IMF Working Papers 1997/105, International Monetary Fund.
    5. Ms. Carmen Reinhart & Mr. Mohsin S. Khan, 1995. "Capital Flows in the APEC Region," IMF Occasional Papers 1995/015, International Monetary Fund.
    6. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    7. Lim Choon-Seng, 1999. "Extent and Efficacy of Monetary Sterilisation in the SEACEN Countries," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp40, April.
    8. Daveri, Francesco, 1995. "Costs of entry and exit from financial markets and capital flows to developing countries," World Development, Elsevier, vol. 23(8), pages 1375-1385, August.

    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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