Sovereign debt crises and credit to the private sector

• 成果类型: Article
• 署名作者: Arteta, Carlos; Hale, Galina
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2007.05.008
• 发表日期: 2008
• 页码: 53-69
• 关键词: sovereign debt; Debt crisis; Credit rationing; credit constraints; International capital flows

摘要

We use micro-level data to analyze emerging markets' private sector access to international debt markets during sovereign debt crises. We find that these crises are systematically accompanied by a decline in foreign credit to domestic private firms, both during debt renegotiations and for over two years after restructuring agreements are reached. This decline is large, statistically significant, and robust. We find that this effect is concentrated in the non-financial sector and is different for firms in the exporting and in the non-exporting sectors. We also find that the magnitude of the effect depends on the type of debt restructuring agreement. (C) 2007 Elsevier B.V All rights reserved.