Therefore, as a first step, we use the IICCR which is likely to represent a more delicate and informative seismograph of investors' assessment whether current loans will be repaid in the future.
[IICCR.sup.ini] is the value of IICCR in the year preceding that period (1980, 1985, etc.).
First, we use the lagged 5-yr average of the IICCR as a regressor ([IICCR.sup.av](-1)).
We then restricted our attention to countries for whom IICCR exceeded the value of 25.
IICCR: Institutional Investor's Measure of Country Creditworthiness