Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience

After a prolonged and almost total reliance on debt restructurings and concerted money facilities, several Latin American countries have mobilized voluntary financing from international capital markets. Although the phenomenon is still limited in terms of volume and number of borrowers, it has attracted considerable attention. This paper reviews the nature, magnitude, and terms of the market re-entry process and analyzes the factors that have facilitated it. A discussion follows, based on this review, of the key elements affecting the short-term prospects for Latin American private and public sector voluntary debt and equity financing from international capital markets.

Mexico's External Debt and the Return to Voluntary Capital Market Financing

The paper analyzes the evolution of Mexico’s approach to commercial bank debt restructuring since the outbreak of the 1982 debt servicing problems. It discusses the key elements of the approach, their implementation, and their interaction with developments in the “international debt strategy.” It focusses, in particular, on factors contributing to the emergence of comprehensive market-based debt and debt service reduction operations. Together with the sustained implementation of appropriate economic policies, these operations have contributed to Mexico’s return to voluntary international capital market financing. The paper discusses the major aspects of this market re-entry process.

The Restoration of Latin America's Access to Voluntary Capital Market Financing

After a prolonged and almost total reliance on debt restructurings and concerted new money facilities, several Latin American countries have, over the last two years, mobilized voluntary financing from international capital markets. Although the phenomenon is still relatively limited in terms of volume and number of borrowers, it has nevertheless attracted considerable attention. The paper reviews the nature, magnitude and terms of the market re-entry process and, by drawing upon recent country experiences, analyzes the factors that have facilitated it. This provides the basis for a discussion of the key elements affecting the short-term prospects for Latin American private and public sector voluntary debt and equity financing from international capital markets.

Private Capital Flow in the Development of the Arab Countries

[abstract not provided]https://fount.aucegypt.edu/faculty_book_chapters/2268/thumbnail.jp

Is MENA a Region? The Scope for Regional Integration

The paper analyzes the scope and implications of greater economic integration in the Middle East and North Africa (MENA). After reviewing whether MENA satisfies the defining characteristics of a region, it documents the low level of regional economic interaction. It argues that gains from greater regional interactions will depend primarily on implementing domestic reform and external policies that, in any case, are needed for the region to benefit from the broader process of globalization of the world economy. It also discusses measures aimed directly at facilitating regional interaction.