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Getting Shut Out of the International Capital Markets: It Doesn't Take Much

IMF Working Paper No. 06/144

14 Pages Posted: 26 Jul 2006

See all articles by Robert P. Flood

Robert P. Flood

International Monetary Fund (IMF) - Research Department; CENTRUM Business School; National Bureau of Economic Research (NBER)

Nancy Peregrim Marion

Dartmouth College - Department of Economics

Date Written: June 2006

Abstract

We use a simple model of international lending to show that an emerging market borrower who might default can be shut out of international capital markets without warning. A modest haircut on obligations, for example, can shut down lending.

Keywords: International lending, emerging market default, shutdowns, sudden stops

JEL Classification: F34

Suggested Citation

Flood, Robert P. and Marion, Nancy P., Getting Shut Out of the International Capital Markets: It Doesn't Take Much (June 2006). IMF Working Paper No. 06/144, Available at SSRN: https://ssrn.com/abstract=920236

Robert P. Flood (Contact Author)

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-7667 (Phone)
202-623-6339 (Fax)

CENTRUM Business School

Daniel Alomía Robles s/n
Los Alamos de Monterrico
Surco, Lima, Lima 00001
Peru

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Nancy P. Marion

Dartmouth College - Department of Economics ( email )

Hanover, NH 03755
United States
(603) 646-2511 (Phone)

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