Public Information Notice: Assessing the Determinants and Prospects for the Pace of Capital Market Access by Countries Emerging from Crises
October 30, 2001

Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging from Crises -- Country Cases
September 13, 2001


Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging from Crises

Prepared by the Policy Development and Review Department
In consultation with other Departments
September 6, 2001

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Contents

I. Introduction
II. Reasons Behind the Loss of Market Access
III. Restoration of Market Access—Determinants of Country Experience
IV. Restoration of Market Access—Characteristics of Reentry
V. Market Access and Private Sector Involvement: Lessons and Conclusions

Text Boxes
  1. The Determinants of the Restoration of Market Access
  2. The Bandwagon Effect
  3. Financial Engineering
  4. The Effect of Credit Ratings
Text Tables

  1. Bonds Issued after Restoration of Market Access
  2. Spreads on Bonds Issued after Restoration of Market Access
  3. Maturity of Bonds Issued after Restoration of Market Access
  4. Loans Contracted after Restoration of Market Access
  5. Equity Issued after Restoration of Market Access
  6. Credit Enhancements on Bonds Issued after Restoration of Market Access

Figures

  1. Global Financial Markets, 1993Q1-2000Q4
  2. Emerging Markets Overall, 1993Q1-2000Q4
  3. Market Access Indicator Based on Gross Issuance of Bonds, Loans and Equity, 1993Q1-2000Q4
  4. Market Access Indicator Based on Gross Issuance of Bonds, Loans and Equity, 1993Q1-2000Q4
  5. Market Access Indicator Based on Sovereign Bond Spreads, 1993Q1-1999Q4
  6. Market Access Indicator Based on Sovereign Bond Spreads, 1993Q1-1999Q4
References
Preface