Latin America's access to international capital markets
Subtitle: good behavior or global liquidity?
By: Ana Fostel, Graciela Laura Kaminsky.
Contributors: Kaminsky, Graciela Laura.; National Bureau of Economic Research.
Series: NBER working paper series -- no. 13194.; Working paper series (National Bureau of Economic Research) -- working paper no. 13194.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, Mass
Language: eng
Number of pages: 20
Subjects: Capital market -- Latin America; Investments, Foreign -- Latin America
Description: "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."--abstract.
Notes: "June 2007"

Includes bibliographical references (p. 19-20).

Also available in PDF from the NBER world wide web site (www.nber.org).