adversely affect the private sector's access to foreign capital markets. Using fixed effect analysis, we estimate that sovereign … debt rescheduling episodes are indeed systematically accompanied by a decline in foreign credit to emerging market private …

External debt increases the vulnerability of indebted emerging market economies to macroeconomic volatility and … and difficult debt restructuring. Foreign indebtedness exacerbates domestic financial distress in crisis, increasing both …

analyze the historical paths of external debts in these countries. Then, under fairly conventional baseline specifications …An analytic and accounting framework is presented for examining the evolution of the external positions of eight … cases in which external adjustment might be warranted. Through the simulation of some alternative scenarios, the analysis …