TY  - JOUR
AU  - Dooley,Michael P.
AU  - Fernandez-Arias,Eduardo
AU  - Kletzer,Kenneth M.
TI  - Recent Private Capital Inflows to Developing Countries: Is the Debt     Crisis History?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4792
PY  - 1994
Y2  - July 1994
UR  - http://www.nber.org/papers/w4792
L1  - http://www.nber.org/papers/w4792.pdf
N1  - Author contact info:
Michael P. Dooley
Department of Economics
Engineering II
University of California, Santa Cruz
Santa Cruz, CA 95064
Tel: 831/459 3662
Fax: 831/459-5077
E-Mail: MPD@UCSC.EDU

Eduardo Fernandez-Arias
Inter-American Development Bank
1300 New York Avenue, N.W.
Washington, DC  20577
E-Mail: eduardof@iadb.org

Kenneth Kletzer
University of California, Santa Cruz
Department of Economics
217 Social Sciences 1
Santa Cruz, CA  95064
Tel: 408-459-3407
E-Mail: kkletzer@cats.ucsc.edu
AB  - This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor.  We calculate the effects of changes in international interest rates for a 'typical' debtor country.  We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows.
ER  -