Series: IMF Working Papers
Author(s): Oya Celasun , and Senay Agca
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 December 2009
Keywords: syndicated loans, yield spreads, creditor rights, public external debt, bond, external public debt,
Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sect...