Yongseok Shin, Ms. Rachel Glennerster
Description
This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those e
...
merging 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.
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Genres
Business & Economics
Tags
Business & Economics
International
Economics
Macroeconomics
Reading Moods
No reading moods specified
Contributors
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Publishing Info
Publisher
International Monetary Fund
Month-Year
Jun, 2003
ISBN
ISBN-13: 9781451900651
ISBN-10: 1451900651
Language
English
No. of Pages
47
Format
Paperback
Awards & Recognition
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Available at
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