We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. We estimate the effects of individual borrower characteristics as well as macroeconomic conditions on the cost of foreign borrowing and test whether these effects differ across phases of the lending cycle. We find that public and financial institutions benefit from lower spreads compared to private and nonfinancial firms and that lenders may differentiate the risk associated with the borrower’s industrial sector between good and bad times. The loan (bond) rating has an equally robust spread reduction effect across credit cycle phases. The results also suggest that international reserve holdings and investment ratios have a significant effect on reducing credit spreads for loans, while higher reserve holdings and longer maturities matter more for bond spreads.
A trusted person-centred resource to start you on the path to professional success Fundamentals of Nursing and Midwifery is a popular foundational nursing text specifically developed for Australian and New Zealand students. This comprehensive resource provides a detailed overview of key information with person-centred care highlighted throughout to focus on the individualistic, interactive and holistic nature of nursing and midwifery practice. It uses accessible language that introduces students to the ‘why’ as well as the ‘how’ of nursing and midwifery. It focuses not only on a person’s physical healthcare needs, but also on the intellectual, emotional, sociocultural and spiritual aspects of care. In this way, students learn to be holistic health care professionals while acquiring the foundational knowledge, procedures and skills required for successful nursing or midwifery practice.
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.