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

Sangyup Choi,Ms.Yuko Hashimoto
The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads Book PDF

Author : Sangyup Choi,Ms.Yuko Hashimoto
Publisher : International Monetary Fund
Page : 33 pages
File Size : 41,7 Mb
Release : 2017-03-28
Category : Business & Economics
ISBN : 9781475589603

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The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads by Sangyup Choi,Ms.Yuko Hashimoto Pdf

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

Sangyup Choi,Ms.Yuko Hashimoto
The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads Book PDF

Author : Sangyup Choi,Ms.Yuko Hashimoto
Publisher : International Monetary Fund
Page : 33 pages
File Size : 44,5 Mb
Release : 2017-03-30
Category : Business & Economics
ISBN : 9781475589955

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The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads by Sangyup Choi,Ms.Yuko Hashimoto Pdf

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?

Yongseok Shin,Ms.Rachel Glennerster
Is Transparency Good for You and Can the IMF Help Book PDF

Author : Yongseok Shin,Ms.Rachel Glennerster
Publisher : International Monetary Fund
Page : 48 pages
File Size : 55,5 Mb
Release : 2003-06-01
Category : Computers
ISBN : 9781451855401

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Is Transparency Good for You, and Can the IMF Help? by Yongseok Shin,Ms.Rachel Glennerster Pdf

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

Laurent Kemoe,Zaijin Zhan
Fiscal Transparency Borrowing Costs and Foreign Holdings of Sovereign Debt Book PDF

Author : Laurent Kemoe,Zaijin Zhan
Publisher : International Monetary Fund
Page : 33 pages
File Size : 52,8 Mb
Release : 2018-08-24
Category : Business & Economics
ISBN : 9781484374580

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Fiscal Transparency, Borrowing Costs, and Foreign Holdings of Sovereign Debt by Laurent Kemoe,Zaijin Zhan Pdf

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

Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov
Managing the Sovereign Bank Nexus Book PDF

Author : Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov
Publisher : International Monetary Fund
Page : 54 pages
File Size : 51,5 Mb
Release : 2018-09-07
Category : Business & Economics
ISBN : 9781484359624

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Managing the Sovereign-Bank Nexus by Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov Pdf

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

Mr.Bernardin Akitoby,Mr.Larry Q Cui,Silvia Domit,Jingzhou Meng,Mr.Slavi T Slavov,Mrs.Nujin Suphaphiphat,Hanqi Zhang
Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central Eastern and Southeastern Europe Book PDF

Author : Mr.Bernardin Akitoby,Mr.Larry Q Cui,Silvia Domit,Jingzhou Meng,Mr.Slavi T Slavov,Mrs.Nujin Suphaphiphat,Hanqi Zhang
Publisher : International Monetary Fund
Page : 66 pages
File Size : 42,5 Mb
Release : 2020-05-11
Category : Business & Economics
ISBN : 9781513532837

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Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central, Eastern, and Southeastern Europe by Mr.Bernardin Akitoby,Mr.Larry Q Cui,Silvia Domit,Jingzhou Meng,Mr.Slavi T Slavov,Mrs.Nujin Suphaphiphat,Hanqi Zhang Pdf

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

Ferrarini, Benno,Giugale, Marcelo M.,Pradelli, Juan J.
The Sustainability of Asia s Debt Book PDF

Author : Ferrarini, Benno,Giugale, Marcelo M.,Pradelli, Juan J.
Publisher : Edward Elgar Publishing
Page : 456 pages
File Size : 47,8 Mb
Release : 2022-02-22
Category : Business & Economics
ISBN : 9781800883727

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The Sustainability of Asia’s Debt by Ferrarini, Benno,Giugale, Marcelo M.,Pradelli, Juan J. Pdf

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

International Monetary Fund. Research Dept.
IMF Research Bulletin Summer 2017 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 19 pages
File Size : 51,9 Mb
Release : 2017-08-11
Category : Business & Economics
ISBN : 9781484315446

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IMF Research Bulletin, Summer 2017 by International Monetary Fund. Research Dept. Pdf

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.

Opportunity for All

MissCatriona Purfield,Mr.Harald Finger,Mrs.Karen Ongley,Mr.Benedicte Baduel,Carolina Castellanos,Ms.Gaelle Pierre,Vahram Stepanyan,Mr.Erik Roos
Opportunity for All Book PDF

Author : MissCatriona Purfield,Mr.Harald Finger,Mrs.Karen Ongley,Mr.Benedicte Baduel,Carolina Castellanos,Ms.Gaelle Pierre,Vahram Stepanyan,Mr.Erik Roos
Publisher : International Monetary Fund
Page : 123 pages
File Size : 47,5 Mb
Release : 2018-07-12
Category : Business & Economics
ISBN : 9781484361177

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Opportunity for All by MissCatriona Purfield,Mr.Harald Finger,Mrs.Karen Ongley,Mr.Benedicte Baduel,Carolina Castellanos,Ms.Gaelle Pierre,Vahram Stepanyan,Mr.Erik Roos Pdf

This publication brings together a set of IMF papers that prepared as backgrounds for the various sessions of the conference and will help put into broader dissemination channels the results of this important conference. An official IMF publication is well disseminated into academic and institutional libraries and book channels. The IMF metadata will also make the conference papers more discoverable online.

Reform of the Policy on Public Debt Limits in IMF-Supported Programs

International Monetary Fund. Strategy, Policy, & Review Department
Reform of the Policy on Public Debt Limits in IMF Supported Programs Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 67 pages
File Size : 43,8 Mb
Release : 2020-11-11
Category : Business & Economics
ISBN : 9781513560885

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Reform of the Policy on Public Debt Limits in IMF-Supported Programs by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.

MENA ECONOMIC UPDATE APRIL 2021

Roberta Gatti,Daniel Lederman,Sultan Abdulaziz Alturki,Rachel Yuting Fan,Asif Islam,Claudio Jeremias Rojas,Ha Minh Nguyen
MENA ECONOMIC UPDATE APRIL 2021 Book PDF

Author : Roberta Gatti,Daniel Lederman,Sultan Abdulaziz Alturki,Rachel Yuting Fan,Asif Islam,Claudio Jeremias Rojas,Ha Minh Nguyen
Publisher : World Bank Publications
Page : 70 pages
File Size : 49,8 Mb
Release : 2021-04-02
Category : Business & Economics
ISBN : 9781464816994

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MENA ECONOMIC UPDATE APRIL 2021 by Roberta Gatti,Daniel Lederman,Sultan Abdulaziz Alturki,Rachel Yuting Fan,Asif Islam,Claudio Jeremias Rojas,Ha Minh Nguyen Pdf

Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). The region is expected to grow at a subdued rate of 0.6 percent in 2019, rising to 2.6 percent in 2020 and 2.9 percent in 2021. The growth forecast for 2019 is revised down by 0.8 percentage points from the April 2019 projection. MENA’s economic outlook is subject to substantial downside risks—most notably, intensified global economic headwinds and rising geopolitical tensions. Part II argues that promoting fair competition is key for MENA countries to complete the transition from an administered to a market economy. Part II first examines current competition policies in MENA countries and to promote fair competition calls for strengthening competition law and enforcement agencies. It also calls for corporatizing state-owned enterprises, promoting the private sector and creating a level-playing field between them. Any moves to reform MENA economies would be aided by professional management of public assets, which could tap into a new source of national wealth.

Determinants of Sovereign Bond Spreads in Emerging Markets

Mr.Balazs Csonto,Mr.Iryna V. Ivaschenko
Determinants of Sovereign Bond Spreads in Emerging Markets Book PDF

Author : Mr.Balazs Csonto,Mr.Iryna V. Ivaschenko
Publisher : International Monetary Fund
Page : 42 pages
File Size : 54,7 Mb
Release : 2013-07-10
Category : Business & Economics
ISBN : 9781484361481

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Determinants of Sovereign Bond Spreads in Emerging Markets by Mr.Balazs Csonto,Mr.Iryna V. Ivaschenko Pdf

We analyze the relationship between global and country-specific factors and emerging market debt spreads from three different angles. First, we aim to disentangle the effect of global and country-specific developments, and find that while both country-specific and global developments are important in the long-run, global factors are main determinants of spreads in the short-run. Second, we investigate whether and how the strength of fundamentals is related to the sensitivity of spreads to global factors. Countries with stronger fundamentals tend to have lower sensitivity to changes in global risk aversion. Third, we decompose changes in spreads and analyze the behavior of explained and unexplained components over different periods. To do so, we break down fitted changes in spreads into the contribution of country-specific and global factors, as well as decompose changes in the residual into the correction of initial misalignment and an increase/decrease in misalignment. We find that changes in spreads follow periods of tightening/widening, which are well-explained by the model; and the dynamics of the components of the unexplained residual follow all the major developments that impact market sentiment. In particular, we find that in the periods of severe marketstress, such as during the intensive phase of the Eurozone debt crisis, global factors tend to drive changes in the spreads and the misalignment tends to increase in magnitude and its relative share in actual spreads.

Making Public Debt Public—Ongoing Initiatives and Reform Options

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Statistics Dept.
Making Public Debt Public Ongoing Initiatives and Reform Options Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 46 pages
File Size : 46,7 Mb
Release : 2023-07-31
Category : Business & Economics
ISBN : 9798400251382

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Making Public Debt Public—Ongoing Initiatives and Reform Options by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Statistics Dept. Pdf

The paper develops and assesses options to improve public debt transparency. It first makes the case, both conceptually and empirically, for greater public debt transparency. To guide the development and assessment of options, it examines the factors hindering transparency, including capacity and governance gaps, and borrower and creditor incentives. The paper then provides a high-level overview of existing initiatives to improve public debt transparency, identifying priorities for progress and policy gaps. Next, it presents and analyzes the merits of a range of options to improve public debt transparency, drawn from reform proposals gaining prominence in policymaking circles while reflecting Fund policy priorities. The IMF could contribute to these reforms with actions within its mandate but would need significant additional resources.

In Search of Information: Use of Google Trends’ Data to Narrow Information Gaps for Low-income Developing Countries

Mr.Futoshi Narita,Rujun Yin
In Search of Information Use of Google Trends Data to Narrow Information Gaps for Low income Developing Countries Book PDF

Author : Mr.Futoshi Narita,Rujun Yin
Publisher : International Monetary Fund
Page : 51 pages
File Size : 49,5 Mb
Release : 2018-12-14
Category : Business & Economics
ISBN : 9781484390177

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In Search of Information: Use of Google Trends’ Data to Narrow Information Gaps for Low-income Developing Countries by Mr.Futoshi Narita,Rujun Yin Pdf

Timely data availability is a long-standing challenge in policy-making and analysis for low-income developing countries. This paper explores the use of Google Trends’ data to narrow such information gaps and finds that online search frequencies about a country significantly correlate with macroeconomic variables (e.g., real GDP, inflation, capital flows), conditional on other covariates. The correlation with real GDP is stronger than that of nighttime lights, whereas the opposite is found for emerging market economies. The search frequencies also improve out-of-sample forecasting performance albeit slightly, demonstrating their potential to facilitate timely assessments of economic conditions in low-income developing countries.

Risk Management and Value

Mondher Bellalah
Risk Management and Value Book PDF

Author : Mondher Bellalah
Publisher : World Scientific
Page : 645 pages
File Size : 51,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 9789812770738

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Risk Management and Value by Mondher Bellalah Pdf

This book provides a comprehensive discussion of the issues related to risk, volatility, value and risk management. It includes a selection of the best papers presented at the Fourth International Finance Conference 2007, qualified by Professor James Heckman, the 2000 Nobel Prize Laureate in Economics, as a ?high level? one. The first half of the book examines ways to manage risk and compute value-at-risk for exchange risk associated to debt portfolios and portfolios of equity. It also covers the Basel II framework implementation and securitisation. The effects of volatility and risk on the valuation of financial assets are further studied in detail.The second half of the book is dedicated to the banking industry, banking competition on the credit market, banking risk and distress, market valuation, managerial risk taking, and value in the ICT activity. With its inclusion of new concepts and recent literature, academics and risk managers will want to read this book.