05246oam 22011654 450 991078834160332120230721045629.01-4623-8303-31-4527-1880-697866128421081-282-84210-21-4518-7117-1(CKB)3170000000055156(EBL)1608092(SSID)ssj0000944157(PQKBManifestationID)11503327(PQKBTitleCode)TC0000944157(PQKBWorkID)10982504(PQKB)11648869(OCoLC)761878570(MiAaPQ)EBC1608092(IMF)WPIEE2008259(EXLCZ)99317000000005515620020129d2008 uf 0engur|n|---|||||txtccrIs it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets /Sanjeev Gupta, Amine Mati, Emanuele BaldacciWashington, D.C. :International Monetary Fund,2008.1 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 the fiscal position remains sustainable and the fiscal deficit does not worsen.IMF Working Papers; Working Paper ;No. 2008/259Corporate bondsDeveloping countriesEconometric modelsState bondsDeveloping countriesEconometric modelsFinance: GeneralimfMacroeconomicsimfPublic FinanceimfDebtimfDebt ManagementimfSovereign DebtimfNational Government Expenditures and Related Policies: InfrastructuresimfOther Public Investment and Capital StockimfGeneral Financial Markets: General (includes Measurement and Data)imfFiscal PolicyimfPublic AdministrationimfPublic Sector Accounting and AuditsimfPublic finance & taxationimfFinanceimfPublic debtimfPublic investment spendingimfEmerging and frontier financial marketsimfFiscal stanceimfFiscal risksimfFiscal policyimfDebts, PublicimfPublic investmentsimfFinancial services industryimfUnited StatesimfCorporate bondsEconometric models.State bondsEconometric models.Finance: GeneralMacroeconomicsPublic FinanceDebtDebt ManagementSovereign DebtNational Government Expenditures and Related Policies: InfrastructuresOther Public Investment and Capital StockGeneral Financial Markets: General (includes Measurement and Data)Fiscal PolicyPublic AdministrationPublic Sector Accounting and AuditsPublic finance & taxationFinancePublic debtPublic investment spendingEmerging and frontier financial marketsFiscal stanceFiscal risksFiscal policyDebts, PublicPublic investmentsFinancial services industry332.63234Gupta Sanjeev257292Mati Amine1493467Baldacci Emanuele117934DcWaIMFBOOK9910788341603321Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets3716467UNINA