06026oam 22011894 450 991078552870332120230801224018.01-4755-4315-81-4755-7136-4(CKB)2670000000234729(EBL)1606799(SSID)ssj0000953216(PQKBManifestationID)11522111(PQKBTitleCode)TC0000953216(PQKBWorkID)10907004(PQKB)11519790(MiAaPQ)EBC1606799(Au-PeEL)EBL1606799(CaPaEBR)ebr10590661(OCoLC)795923824(IMF)WPIEE2012156(IMF)WPIEA2012156(EXLCZ)99267000000023472920020129d2012 uf 0engur|n|---|||||txtccrFiscal Transparency, Fiscal Performance and Credit Ratings /Julio Escolano, Elif Arbatli SaxegaardWashington, D.C. :International Monetary Fund,2012.1 online resource (34 p.)IMF Working PapersDescription 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 developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively.IMF Working Papers; Working Paper ;No. 2012/156Fiscal policyTransparency in governmentBudgetingimfMacroeconomicsimfMoney and Monetary PolicyimfPublic FinanceimfInstitutions and the MacroeconomyimfNational Budget, Deficit, and Debt: GeneralimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfFiscal PolicyimfDebtimfDebt ManagementimfSovereign DebtimfNational BudgetimfBudget SystemsimfMonetary economicsimfPublic finance & taxationimfBudgeting & financial managementimfFiscal transparencyimfCredit ratingsimfFiscal stanceimfPublic debtimfBudget planning and preparationimfFiscal policyimfDebts, PublicimfBudgetimfFiscal policy.Transparency in government.BudgetingMacroeconomicsMoney and Monetary PolicyPublic FinanceInstitutions and the MacroeconomyNational Budget, Deficit, and Debt: GeneralMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralFiscal PolicyDebtDebt ManagementSovereign DebtNational BudgetBudget SystemsMonetary economicsPublic finance & taxationBudgeting & financial managementFiscal transparencyCredit ratingsFiscal stancePublic debtBudget planning and preparationFiscal policyDebts, PublicBudgetEscolano Julio1463961Arbatli Saxegaard Elif1449653International Monetary Fund.DcWaIMFBOOK9910785528703321Fiscal Transparency, Fiscal Performance and Credit Ratings3819127UNINA