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Working Paper
Duration of Capital Market Exclusion: An Empirical Investigation
This paper investigates the duration of market exclusion following a sovereign default and its resolution. We employ multiple definitions of market access, differentiating between gross versus net borrowing and partial versus full access, to measure the time it takes for countries to regain entry into international capital markets following a sovereign default and resolution. Our findings indicate that market re-access can occur immediately under less stringent definitions but may take several years when more demanding criteria are applied. Middle-income countries typically regain access more ...