caa a22 4500 397559119 CHVBK 20180308164811.0 cr unu---uuuuu 161202e199601 xx s 000 0 eng 10.1093/wber/10.1.27 doi (NATIONALLICENCE)oxford-10.1093/wber/10.1.27 Is the Debt Crisis History? Recent Private Capital Inflows to Developing Countries [Elektronische Daten] [Michael Dooley, Eduardo Fernández-Arias, Kenneth Kletzer] The outlook for economic development for an important group of middle-income countries has once again been buoyed by substantial private capital inflows in the 1990s. As in the 1970s, this development has been met with cautious optimism. This empirical study finds that although 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 a business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows. © 1996 The International Bank for Reconstruction and Development / THE WORLD BANK Articles nationallicence Dooley Michael aut Fernández-Arias Eduardo aut Kletzer Kenneth aut The World Bank Economic Review Oxford University Press 10/1(1996-01), 27-50 0258-6770 10:1<27 1996 10 wber https://doi.org/10.1093/wber/10.1.27 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/wber/10.1.27 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Dooley Michael aut NATIONALLICENCE 700 1- Fernández-Arias Eduardo aut NATIONALLICENCE 700 1- Kletzer Kenneth aut NATIONALLICENCE 773 0- The World Bank Economic Review Oxford University Press 10/1(1996-01), 27-50 0258-6770 10:1<27 1996 10 wber Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford