Transparency and emerging market bond spreads

  • I investigate the effect of transparency on the borrowing costs of Emerging Market Economies. Transparency is measured by whether or not the countries publish the IMF Article IV Staff reports 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 periods 1999-2007 and 2008-2012. I show that the effect of publishing the Article IV reports is negligible while publishing ROSC matters, leading to a reduction in the spreads of nearly 30 basis points in the pre-crisis sample 1999-2007.

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Author:Laura Moretti
Document Type:Report
Year of Completion:2012
Year of first Publication:2012
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Release Date:2014/07/07
Tag:emerging market economies; sovereign bond markets; transparency
GND Keyword:Emerging Market; Staatsanleihe
Issue:Version: June 2012
Page Number:21
First Page:1
Last Page:21
Fr├╝here Version: urn:nbn:de:hebis:30-103350
Institutes:Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht