Country Stress Events : : Does Governance Matter? / / Anna Kochanova, Carlos Caceres

• Record Nr.: UNINA9910813302403321
• Autore: Kochanova Anna
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2012
• ISBN: 1-4755-1820-X; 1-4755-4247-X
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (46 p.)
• Collana: IMF Working Papers; IMF working paper ; ; WP/12/116
• Altri autori (Persone): CaceresCarlos
• Disciplina: 332.10973
• Soggetti: Economic policy; Economics; Banks and Banking; Money and Monetary Policy; Industries: Financial Services; Financial Risk Management; 'Panel Data Models; Spatio-temporal Models'; Financial Aspects of Economic Integration; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Socialist Institutions and Their Transitions: Financial Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Financial Crises; Banking; Monetary economics; Finance; Economic & financial crises & disasters; Foreign banks; Bank credit; Credit; Loans; Financial institutions; Money; Financial crises; Banks and banking; Banks and banking, Foreign; Exports and Imports; Finance: General; Macroeconomics; Public Finance; Criminology; Relation of Economics to Other Disciplines; Institutions and the Macroeconomy; Fiscal Policy; Corporate Finance and Governance: Government Policy and Regulation; Law and Economics: General (including Data Sources and Description); Public Administration; Public Sector Accounting and Audits; Personal Income, Wealth, and Their Distributions; Bureaucracy; Administrative Processes in Public Organizations; Corruption; International Lending and Debt Problems; General Financial Markets: Government Policy and Regulation; Public finance & taxation; Corporate crime; white-collar crime; International economics; Fiscal risks; Personal income; Debt default; Financial soundness indicators; Fiscal policy; Income; Debts, External; Financial services industry; Serbia, Republic of; Russian Federation
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Cover; CONTENTS; I. INTRODUCTION; II. DATA AND CONSTRUCTION OF THE MAIN VARIABLES; A. GOVERNANCE MEASURES; B. FISCAL STRESS INDICATOR (FSI); C. POLITICAL STRESS INDICATOR (PSI); D. OTHER VARIABLES; III. ESTIMATION METHODOLOGY AND MAIN RESULTS; A. ESTIMATION TECHNIQUE; B. ESTIMATION RESULTS; IV. DISCUSSION OF THE RESULTS; A. FISCAL STRESS; B. POLITICAL STRESS; V. CONCLUSION; REFERENCES; ANNEX I: DATA AND DESCRIPTIVE STATISTICS; ANNEX II: DATA SOURCES; ANNEX III: FISCAL AND POLITICAL STRESS EVENTS; ; ANNEX IV: GROUPING OF COUNTRIES BY REGION AND HYDROCARBON EXPORT; ANNEX V: ESTIMATION RESULTS; ANNEX VI: PREDICTED VALUES FROM STRESS EVENT MODEL
• Sommario/riassunto: This paper analyzes the linkages between governance quality and country stress events. It focuses on two types of events: fiscal and political stress events, for which two innovative stress indicators are introduced. The results suggest that weaker governance quality is associated with a higher incidence of both fiscal and political stress events. In particular, internal accountability, which measures the responsiveness of governments to improving the quality of the bureaucracy, public service provision, and respect for the institutional framework in place, is positively associated with fiscal stress events. However, external accountability, which captures government accountability before the public in general, through elections and the democratic process, seems to be more important for political stress events. These results hold when using balanced country samples where region, oil-exporter status, income level, and time are taken into account.