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Title:Transparency and emerging market bond spreads PDF Logo
Authors:Moretti, Laura
Issue Date:2011
Series/Report no.:CFS Working Paper 2011/14
Abstract: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.
Subjects:Sovereign Bond Markets
Transparency
Emerging Market Economies
JEL:F33
F34
G15
Persistent Identifier of the first edition:urn:nbn:de:hebis:30-103350
Document Type:Working Paper
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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