03679nam 2200625Ia 450 991046248180332120200520144314.01-4755-4315-81-4755-7136-4(CKB)2670000000234729(EBL)1606799(SSID)ssj0000953216(PQKBManifestationID)11522111(PQKBTitleCode)TC0000953216(PQKBWorkID)10907004(PQKB)11519790(MiAaPQ)EBC1606799(Au-PeEL)EBL1606799(CaPaEBR)ebr10590661(OCoLC)795923824(EXLCZ)99267000000023472920111102d2012 uy 0engur|n|---|||||txtccrFiscal transparency, fiscal performance and credit ratings[electronic resource] /prepared by Elif Arbatli and Julio EscolanoWashington International Monetary Fund20121 online resource (34 p.)IMF working paper ;12/156Description based upon print version of record.1-4755-0447-0 1-4755-3987-8 Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. Measures Of Fiscal Transparency; Tables; 1. Properties of Fiscal Transparency Indices; 2. Correlation Between Different Transparency Indices; Figures; 1. ROSC Index and GDP Per Capita; 3. Fiscal Transparency and Other Proxies for Transparency; 2. ROSC and OBI Indices; III. Empirical Approach And Data; IV. Results; 3. ROSC Index and Political Competition in Advanced Economies; 4. ROSC Index and Political Competition in Developing Economies; V. Conclusions; 4. Fiscal Transparency, Primary Balance and Public Debt - Advanced Economies Sample5. Fiscal Transparency (ROSC Index), Primary Balance and Public Debt - Developing Country Sample6. Fiscal Transparency (OBI Index), Primary Balance and Public Debt - Developing Country Sample; 7. Fiscal Transparency (ROSC Index), Primary Balance and Public Debt - Full Sample; 8. Fiscal Transparency (OBI Index), Primary Balance and Public Debt - Full Sample; 9. Fiscal Transparency and Fiscal Performance - Instrumental Variable Results; 10. Fiscal Transparency and Ratings - Instrumental Variable Results; Appendix Tables; A.1. Numerical Conversion of Sovereign Credit RatingsA.2. Data Source and Variable DefinitionsReferencesThis paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF's Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developinIMF Working PapersFiscal policyTransparency in governmentElectronic books.Fiscal policy.Transparency in government.Arbatli Elif999054Escolano Julio999055International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910462481803321Fiscal transparency, fiscal performance and credit ratings2292053UNINA