The Effects Of Data Transparency Policy Reforms On Emerging Market Sovereign Bond Spreads
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The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads
Author | : Sangyup Choi,Ms.Yuko Hashimoto |
Publsiher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2017-03-28 |
Genre | : Business & Economics |
ISBN | : 9781475589603 |
Download The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads Book in PDF, Epub and Kindle
We find that data transparency policy reforms, reflected in subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country’s decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms.
The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads
Author | : Sangyup Choi,Ms.Yuko Hashimoto |
Publsiher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2017-03-30 |
Genre | : Business & Economics |
ISBN | : 9781475589955 |
Download The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads Book in PDF, Epub and Kindle
We find that data transparency policy reforms, reflected in subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country’s decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms.
Is Transparency Good for You and Can the IMF Help
Author | : Yongseok Shin,Ms.Rachel Glennerster |
Publsiher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2003-06-01 |
Genre | : Computers |
ISBN | : 9781451855401 |
Download Is Transparency Good for You and Can the IMF Help Book in PDF, Epub and Kindle
This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads fall following the adoption of three different transparency reforms. The effects are economically important, especially for those countries with low initial transparency. We use two-stage least squares to address any endogeneity in the timing of reforms exploiting internal IMF timetables that are unrelated to country events. Next, using a panel GARCH specification, we show that spreads move more than normal in the days immediately following publication of IMF country documents.
Fiscal Transparency Borrowing Costs and Foreign Holdings of Sovereign Debt
Author | : Laurent Kemoe,Zaijin Zhan |
Publsiher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2018-08-24 |
Genre | : Business & Economics |
ISBN | : 9781484374580 |
Download Fiscal Transparency Borrowing Costs and Foreign Holdings of Sovereign Debt Book in PDF, Epub and Kindle
This paper explores the effects of fiscal transparency on the borrowing costs of 33 emerging and developing economies (EMs), and on foreign demand for their sovereign debt. Using multiple indicators, including a constructed one based on the published data in the IMF’s Government Finance Statistics Yearbook, we measure the separate effects of the three dimensions of fiscal transparency: openness of the budget process, fiscal data transparency, and accountability of fiscal actors. The results suggest that higher fiscal transparency reduces sovereign interest rate spreads and increases foreign holdings of sovereign debt, with each dimension of fiscal transparency playing a different role. Availability of detailed cross-country comparable fiscal data, especially for balance sheet items, has shown to increase foreign investors’ willingness in holding EM sovereign debt.
Managing the Sovereign Bank Nexus
Author | : Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov |
Publsiher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2018-09-07 |
Genre | : Business & Economics |
ISBN | : 9781484359624 |
Download Managing the Sovereign Bank Nexus Book in PDF, Epub and Kindle
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central Eastern and Southeastern Europe
Author | : Mr.Bernardin Akitoby,Mr.Larry Q Cui,Silvia Domit,Jingzhou Meng,Mr.Slavi T Slavov,Mrs.Nujin Suphaphiphat,Hanqi Zhang |
Publsiher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2020-05-11 |
Genre | : Business & Economics |
ISBN | : 9781513532837 |
Download Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central Eastern and Southeastern Europe Book in PDF, Epub and Kindle
This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.
The Sustainability of Asia s Debt
Author | : Ferrarini, Benno,Giugale, Marcelo M.,Pradelli, Juan J. |
Publsiher | : Edward Elgar Publishing |
Total Pages | : 456 |
Release | : 2022-02-22 |
Genre | : Business & Economics |
ISBN | : 9781800883727 |
Download The Sustainability of Asia s Debt Book in PDF, Epub and Kindle
This is an open access title available under the terms of a [CC BY 3.0 IGO] License. It is free to read, download and share on Elgaronline.com. Asia has shown the world what success in economic development looks like. From the amazing transformations of Japan, the Republic of Korea, and the other ‘tigers’ in the early 70s, to the more recent takeoffs of the People’s Republic of China (PRC), India, and the leading economies in Southeast Asia, the region has prospered at a startling pace. Technologies were adopted, productivity raised, and export markets conquered. Billions were lifted out of poverty. What was once a backwater is now a global engine of growth.
IMF Research Bulletin Summer 2017
Author | : International Monetary Fund. Research Dept. |
Publsiher | : International Monetary Fund |
Total Pages | : 19 |
Release | : 2017-08-11 |
Genre | : Business & Economics |
ISBN | : 9781484315446 |
Download IMF Research Bulletin Summer 2017 Book in PDF, Epub and Kindle
The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are “Structural Reform Packages, Sequencing, and the Informal Economy (by Zsuzsa Munkacsi and Magnus Saxegaard) and “A Broken Social Contract, Not High Inequality Led to the Arab Spring” (by Shantayanan Devarajan and Elena Ianchovichina). The Q&A section features “Seven Questions on Fintech” (by Tommaso Mancini-Griffoli). The Bulletin also includes information on recommended titles from IMF Publications and the latest articles from the IMF Economic Review.