Bonds or Loans ? The Effect of Macroeconomic Fundamentals  

Oleh:

Hale, Galina

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 117 no. 516 (Jan. 2007), page 196-215.
Topik: loan; bonds or loans; macroeconomic fundamentals
Fulltext: 196.pdf (164.6KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.24 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The costs of debt crises are not invariant to the foreign debt instrument composition : bank loans or bonds. The lending boom of the 1990s witnessed considerable variation over time and across countries in the debt instrument used by emerging market (EM) borrowers. This article tests how macroeconomic fundamentals affect the composition of international debt instruments used by EM borrowers. Analysis of micro - level data using an ordered probability model shows that macroeconomic fundamentals explain a significant share of variation in the ratio of bonds to loans for private borrowers, but not for the sovereigns.

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