Assessing Loss of Market Access: Conceptual and Operational Issues

64 Pages Posted: 1 Dec 2017 Last revised: 18 Nov 2021

See all articles by Anastasia Guscina

Anastasia Guscina

International Monetary Fund (IMF)

Sheheryar Malik

International Monetary Fund (IMF)

Michael G. Papaioannou

International Monetary Fund (IMF)

Date Written: November 2017

Abstract

Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to determine the likely nature (temporary versus structural) of an LMA episode, and analyzes potential implications of such an assessment on the required degree of adjustment to restore market access. Finally, it highlights the possible application of the methodological framework for identifying emerging risks to market access.

Keywords: Market access, Debt restructuring, Sovereign debt restructuring, Default, Bonds, Developing countries, Developed countries, Emerging markets, Ireland, Argentina, Portugal, Ukraine, Greece, Belize, Brazil, Cyprus, Dominican Republic, Ecuador, Jamaica, Pakistan, Philippines, Market Access, Sovereign Debt Restructuring; Default; Bond Spreads, Sovereign Debt Restructuring, Default, Bond Spreads, Assessing Loss of Market Access:

JEL Classification: E43, F32, F34, G12

Suggested Citation

Guscina, Anastasia and Malik, Sheheryar and Papaioannou, Michael G., Assessing Loss of Market Access: Conceptual and Operational Issues (November 2017). IMF Working Paper No. 17/246, Available at SSRN: https://ssrn.com/abstract=3079570

Anastasia Guscina (Contact Author)

International Monetary Fund (IMF) ( email )

Sheheryar Malik

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Michael G. Papaioannou

International Monetary Fund (IMF) ( email )

700 19th Street NW
10-115
Washington, DC 20431
United States
001-202-623-7799 (Phone)
001-202-623-7018 (Fax)

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