Das, Udaibir S.; Papaioannou, Michael G.; Trebesch, … - International Monetary Fund (IMF) - 2010
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets … sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private … sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that …