03944nam 2200817 a 450 991046485590332120170817212522.01-4623-3768-61-4527-6324-01-282-55821-81-4519-1018-59786613822352(CKB)3360000000443270(EBL)1608450(SSID)ssj0000948575(PQKBManifestationID)11531046(PQKBTitleCode)TC0000948575(PQKBWorkID)10950155(PQKB)11063334(OCoLC)568151169(MiAaPQ)EBC1608450(EXLCZ)99336000000044327020090807d2007 uy 0engur|n|---|||||txtccrPolicy credibility and sovereign credit[electronic resource] the case of new EU member states /prepared by David Hauner, Jiri Jonas, and Manmohan S. Kumar[Washington, D.C.] International Monetary Fund20071 online resource (31 p.)IMF working paper ;WP/07/1"January 2007."1-4518-6565-1 Includes bibliographical references (p. 17-19).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-Recursive Estimates; 4. Local Currency Yields-Recursive Estimates5. 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 SpreadsReferences 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, anIMF working paper ;WP/07/1.Fiscal policyEurope, CentralFiscal policyEurope, EasternFiscal policyEuropean Union countriesCredit ratingsEurope, CentralCredit ratingsEurope, EasternCredit ratingsEuropean Union countriesDebts, PublicEurope, CentralDebts, PublicEurope, EasternDebts, PublicEuropean Union countriesElectronic books.Fiscal policyFiscal policyFiscal policyCredit ratingsCredit ratingsCredit ratingsDebts, PublicDebts, PublicDebts, Public332335.4/12Hauner David862706Jonáš Jiří495961Kumar Manmohan S862707International Monetary Fund.Fiscal Affairs Dept.MiAaPQMiAaPQMiAaPQBOOK9910464855903321Policy credibility and sovereign credit2233848UNINA