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Record Nr. |
UNINA9910813814803321 |
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Autore |
Hauner David |
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Titolo |
Policy credibility and sovereign credit : the case of new EU member states / / prepared by David Hauner, Jiri Jonas, and Manmohan S. Kumar |
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Pubbl/distr/stampa |
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[Washington, D.C.], : International Monetary Fund, 2007 |
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ISBN |
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1-4623-3768-6 |
1-4527-6324-0 |
1-282-55821-8 |
1-4519-1018-5 |
9786613822352 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (31 p.) |
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Collana |
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IMF working paper ; ; WP/07/1 |
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Altri autori (Persone) |
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JonasJiri |
KumarManmohan S |
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Disciplina |
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Soggetti |
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Fiscal policy - Europe, Central |
Fiscal policy - Europe, Eastern |
Fiscal policy - European Union countries |
Credit ratings - Europe, Central |
Credit ratings - Europe, Eastern |
Credit ratings - European Union countries |
Debts, Public - Europe, Central |
Debts, Public - Europe, Eastern |
Debts, Public - European Union countries |
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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 (p. 17-19). |
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Nota di contenuto |
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Contents; I. Introduction; II. Policy Credibility and Sovereign Credit; III. The Case of the New Member States; IV. Methodology and Data; A. Testing Strategy; B. Data; C. Estimation Issues; II. Results; A. All Countries; B. New Member States; C. Robustness; III. Conclusions; References; Figure; EU8-Government Debt, Interest Expenditure, and Effective Interest Rate (1995 = 100); Tables; 1. Variable Description; 2. Sovereign Ratings-Recursive Estimates; 3. Foreign Currency Spreads- |
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Recursive Estimates; 4. Local Currency Yields-Recursive Estimates |
5. Illustrative Quantitative Effects of NMS Coefficients6. Sovereign Ratings-Robustness Checks; 7. Foreign Currency Spreads-Robustness Checks; 8. Local Currency Yields-Robustness Checks; Appendix; Computation of Bond Spreads; Appendix; Computation of Bond Spreads |
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Sommario/riassunto |
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References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, and local currency yields. The results suggest that the NMS appear to have enjoyed higher credibility compared to their peers. |
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