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
Author: | Laura Moretti |
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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): | Deutsches Urheberrecht |