Fiscal Policy and Financial Depth

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Second-Generation Fiscal Rules; Balancing Simplicity, Flexibility, and Enforceability (2018, background): “Imperfect access to international credit markets and lack of financial depth often prevent developing countries from borrowing in economic downturns (Caballero and Krishnamurthy 2004; Konuki and Villafuerte 2016).”
Do Markets Care About Central Bank Governor Changes? Evidence from Emerging Markets (2010, methodology): “…Foreign-currency denominated bonds are not sensitive to changing inflation expectations and any possible transmission channel is of indirect nature via the changing perception of the probability of default.8 Alternatively, one can argue once more in line with Caballero and Krishnamurthy (2004).”
Procyclical Fiscal Policy in Developing Countries: Truth or Fiction? (2008, background): “…credit markets that prevent developing countries from borrowing in bad times (Gavin and Perotti (1997), Riascos and Végh (2003), Guerson (2003), Caballero and Krishnamurthy (2004), Mendoza and Oviedo (2006), and Susuki (2006)); and (b) political economy explanations typically based on the idea…”