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Record Nr. |
UNINA9910464255003321 |
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Autore |
Akitoby Bernardin |
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Titolo |
The value of institutions for financial markets [[electronic resource] ] : evidence from emerging markets / / prepared by Bernardin Akitoby and Thomas Stratmann |
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Pubbl/distr/stampa |
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[Washington, D.C.], : International Monetary Fund, African Dept and Fiscal Affairs Dept., 2009 |
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ISBN |
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1-4623-5880-2 |
1-4527-8135-4 |
1-4518-7174-0 |
1-282-84249-8 |
9786612842498 |
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Descrizione fisica |
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1 online resource (23 p.) |
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Collana |
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IMF working paper ; ; WP/09/27 |
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Altri autori (Persone) |
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Soggetti |
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Fiscal policy - Econometric models |
Capital market |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Analytical Framework; A. The Empirical Model; B. Testing the Impact of Institutions on Spreads; III. Empirical Strategy for Fiscal Policy Variables; IV. Data Description and Results; A. Data Description; B. Results; Tables; 1. Means and Standard Deviations; 2. Effects of Institutions on Spreads-OLS Estimates (Baseline); 3. Effects of Institutions on Spreads-Fixed Effects Estimates (Baseline); 4. Effects of Institutions on Spreads in the Presence of Fiscal Variables-OLS Estimates |
5. Effects of Institutions on Spreads in the Presence of Fiscal Variables-Fixed Effects EstimatesC. Sensitivity and Robustness; V. Conclusions; Appendix Table; A1: List of Countries Included; References |
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Sommario/riassunto |
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This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a |
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