03188nam 2200637 450 991046424830332120170821160714.01-4623-8303-31-4527-1880-697866128421081-282-84210-21-4518-7117-1(CKB)3170000000055156(EBL)1608092(SSID)ssj0000944157(PQKBManifestationID)11503327(PQKBTitleCode)TC0000944157(PQKBWorkID)10982504(PQKB)11648869(OCoLC)761878570(MiAaPQ)EBC1608092(EXLCZ)99317000000005515620140227h20082008 uy 0engur|n|---|||||txtccrIs it (still) mostly fiscal? determinants of sovereign spreads in emerging markets /Emanuele Baldacci, Sanjeev Gupta and Amine Mati[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (25 p.)IMF Working PapersIMF working paper ;WP/08/259Description based upon print version of record.1-4519-1570-5 Includes bibliographical references.Contents; I. Introduction; II. Literature Review; III. Sovereign Spreads: A Simple Theoretical Framework; IV. Empirical Model Specification; V. Data and Estimation Results; Tables; 1. Descriptive Statistics; 2. Correlation Between (log) Spreads, Political Risk and Fiscal Variables; Charts; 1. Emerging Market Risk (log) Spreads and Various Political Risk Indices; 2. Emerging Market Risk (log) Spreads and Fiscal Variables; 3. Random Effects Estimates; VI. Robustness Analysis; 4. Alternative Estimations: Whole Sample; VII. Conclusions; 5. Effects of Different Political Variables on SpreadsUsing a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as theIMF Working PapersCorporate bondsDeveloping countriesEconometric modelsState bondsDeveloping countriesEconometric modelsElectronic books.Corporate bondsEconometric models.State bondsEconometric models.332.63234Baldacci Emanuele117934Gupta Sanjeev257292Mati Amine869061MiAaPQMiAaPQMiAaPQBOOK9910464248303321Is it (still) mostly fiscal1940182UNINA