Transparency and emerging market bond spreads : [Version June 2011]

  • I investigate the effect of transparency on the borrowing costs of Emerging Markets Economies. Transparency is measured by whether or not the countries publish the IMF Article IV Staff report and the Reports on the Observance of Standards and Codes (ROSC). Using difference-in-difference estimation, I study the effect on the sovereign credit spreads for 18 Emerging Market Economies over the period 1999-2007. I show that the effect of publishing the Article IV reports is negligible while publishing the ROSC matters, leading to a reduction in the spreads of over 15% in the samples 1999-2006 and 1999-2007. JEL Classification: F33, F34, G15 Keywords: Sovereign Bond Markets, Transparency, Emerging Market Economies

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Metadaten
Author:Laura Moretti
URN:urn:nbn:de:hebis:30-103350
URL:https://www.ifk-cfs.de/fileadmin/downloads/publications/wp/2011/11_14.pdf
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,14
Series (Serial Number):CFS working paper series (2011, 14)
Document Type:Working Paper
Language:English
Year of Completion:2011
Year of first Publication:2011
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2011/07/26
Tag:Emerging Market Economies; Sovereign Bond Markets; Transparency
GND Keyword:Emerging Market Emerging Market; Staatsanleihe Staatsanleihe; Zins
Issue:Version: June 2011
HeBIS-PPN:271278250
Institutes:Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht