Transparency and emerging market bond spreads
| Autor: | Moretti, Laura |
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| Jazyk: | angličtina |
| Rok vydání: | 2012 |
| Předmět: | |
| Popis: | 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. |
| Databáze: | OpenAIRE |
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