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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Determinants of and Prospects for Market Access in Frontier Economies
Luiza Antoun de Almeida
and
Ms. Diva Singh
In recent years, we have observed an increase in low-income countries’ (LICs) access to international capital markets, especially after the Global Financial Crisis (GFC). This paper investigates what factors—country-specific macroeconomic fundamentals and/or external variables—have contributed to the surge in external bond issuance by these LICs, which we refer to in our paper as ‘frontier economies’. Using data on public and publicly guaranteed (PPG) external bond issuance, outstanding PPG bond stock, as well as sovereign spreads, we employ panel data analysis to examine factors related to the increase in issuance by these economies as well as the reduction in their spreads over time. Our empirical study shows that both country-specific fundamentals (such as public debt, current account balance, level of reserves, quality of institutions) and external variables (such as US growth and the VIX index) play a role in explaining the increased amount of issuance and the decline in spreads of frontier economies’ sovereign bonds. The impact of some of these variables on issuance appears to reflect a country’s need to issue bonds for external financing (‘the supply side’ of bond issuance), while others appear to correlate more through their impact on investors’ appetite for a country’s debt (‘the demand side’). In addition, the impact of country-specific variables can also be affected by external factors such as global risk appetite. Our analysis of key factors that have contributed to increased market access for frontier economies over the past decade provides important information to gauge the prospects for their continued market access, and for other LICs to join this group by tapping international markets for the first time.
Keywords:
frontier economy; market access; PPG bond stock; PPG issuance; data on public and publicly guaranteed; Bonds; International capital markets; Public and publicly-guaranteed external debt; Emerging and frontier financial markets; Stocks; Global
Cover IMF Staff Country Reports
Honduras: Enhanced Initiative for Heavily Indebted Poor Countries Completion Point Document
International Monetary Fund
The paper discusses the consideration of Honduras’s Enhanced Initiative for Heavily Indebted Poor Countries (HIPC). The interim relief provided under the enhanced HIPC Initiative has allowed the government to increase social spending. Controlling the public sector wage bill and maintaining strong revenue collection is critical for sustaining a stable macroeconomic framework and adequate poverty reduction efforts. Efforts are also needed to reduce vulnerabilities and improve the resilience to external shocks by introducing more flexibility into the exchange rate regime.
Keywords:
ISCR; CR; exchange rate; long-term debt; current account; discount rate; Honduran authorities; financial system; capital adequacy ratio; real GDP; balance of payments; sensitivity analysis; NPV terms; Debt relief; Debt service; Stocks; Basel Core Principles; Central America
Cover Official Financing for Developing Countries 1997
Official Financing for Developing Countries 1997
International Monetary Fund

Abstract

This study provides information on official financing for developing countries with the focus on low and lower-middle-income countries. It updates the 1995 edition and reviews developments in direct financing by offical and multilateral sources. Topics of interest include external debt sustainability for heavily indebted poor countries; new official financing flows to developing countries; developments in export credits;financing from multilateral institutions; debt restructuring by official bilateral creditors; plus, numerous appendices.

Keywords:
WEFS; debt; country; export credit; financing; agreement; export credit agency; service export credits; NPV debt reduction; export credit exposure; IMF staff estimate; IBRD debt; Export credits; Debt rescheduling; Public and publicly-guaranteed external debt; Arrears; Development assistance; Europe; Global; Eastern Europe; Asia and Pacific; Baltics