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| Author: | Hale, G. |
| Title: | Bonds or loans? The effect of macroeconomic fundamentals |
| Journal: | Economic Journal
2007 : JAN, VOL. 117:516, p. 196-215 |
| Index terms: | macroeconomics emerging markets bank lending loans bonds international models |
| Language: | eng |
| Abstract: | The costs of debt crises are not invariant to the foreign debt instrument (here as: db-i./db-is.) composition: bank loans or bonds. During the 1990s lending boom, there was considerable variation over time and across countries in the db-i. used by emerging market (EM) borrowers (as: bs. and as: EM-bs). It is tested how macroeconomic fundamentals (as: m-fds.) affect the composition of international db-is. used by EM-bs. The analysis of micro-level data shows that m-fds. explain a significant share of variation in the ratio of bonds to loans for private bs., but not for the sovereigns. |
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