TY  - JOUR
AU  - Fostel,Ana
AU  - Kaminsky,Graciela Laura
TI  - Latin America's Access to International Capital Markets: Good Behavior or Global Liquidity?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13194
PY  - 2007
Y2  - June 2007
UR  - http://www.nber.org/papers/w13194
L1  - http://www.nber.org/papers/w13194.pdf
N1  - Author contact info:
Ana Fostel
Department of Economics
George Washington University
Old Main, Suite 226
1922 F Street, NW
Washington, DC 20052
Tel: 202/994-6581
Fax: 202/994-6147
E-Mail: afostel@gwu.edu

Graciela L. Kaminsky
Department of Economics
George Washington University
Washington, DC  20052
Tel: 202/994-6686
Fax: 202/994-6147
E-Mail: graciela@gwu.edu
AB  - This paper examines Latin America's access to international capital markets from 1980 to 2005, with particular attention to the role of domestic and external factors. To capture access to international markets, we use primary gross issuance in international bond, equity, and syndicated-loan markets. Using panel estimation, we find that sound fundamentals matter.  For example, Argentina, Brazil, and Chile's superb performance in capital markets during the early 1990s has been in large part driven by better fundamentals. However, the upsurge in international lending to Latin America starting in 2003 has been mainly driven by a dramatic increase in global liquidity.
ER  -