03316nam 2200613Ia 450 991046425500332120170821160723.01-4623-5880-21-4527-8135-41-4518-7174-01-282-84249-89786612842498(CKB)3170000000055201(EBL)1608171(SSID)ssj0000939944(PQKBManifestationID)11571933(PQKBTitleCode)TC0000939944(PQKBWorkID)10937828(PQKB)10702265(OCoLC)694140997(MiAaPQ)EBC1608171(EXLCZ)99317000000005520120060321d2009 uf 0engur|n|---|||||txtccrThe value of institutions for financial markets[electronic resource] evidence from emerging markets /prepared by Bernardin Akitoby and Thomas Stratmann[Washington, D.C.] International Monetary Fund, African Dept and Fiscal Affairs Dept.20091 online resource (23 p.)IMF working paper ;WP/09/27"February 2009."1-4519-1610-8 Includes bibliographical references.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 Estimates5. 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; ReferencesThis 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 direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally lower sovereign spreads, political risk tends to increase them, and financial markets tend to view eleWorking paper (International Monetary Fund. African Dept and Fiscal Affairs Dept.).09/27.Fiscal policyEconometric modelsCapital marketElectronic books.Fiscal policyEconometric models.Capital market.Akitoby Bernardin883156Stratmann Thomas883157International Monetary Fund.African Dept and Fiscal Affairs Dept.MiAaPQMiAaPQMiAaPQBOOK9910464255003321The value of institutions for financial markets1972797UNINA