05435oam 22012734 450 991078834740332120230721045638.01-4623-5880-21-4527-8135-41-4518-7174-01-282-84249-89786612842498(CKB)3170000000055201(EBL)1608171(SSID)ssj0000939944(PQKBManifestationID)11571933(PQKBTitleCode)TC0000939944(PQKBWorkID)10937828(PQKB)10702265(OCoLC)694140997(MiAaPQ)EBC1608171(IMF)WPIEE2009027(EXLCZ)99317000000005520120020129d2009 uf 0engur|n|---|||||txtccrThe Value of Institutions for Financial Markets : Evidence From Emerging Markets /Thomas Stratmann, Bernardin AkitobyWashington, D.C. :International Monetary Fund,2009.1 online resource (23 p.)IMF Working Papers"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 election years negatively.IMF Working Papers; Working Paper ;No. 2009/027Fiscal policyEconometric modelsCapital marketInflationimfInfrastructureimfPublic FinanceimfProduction and Operations ManagementimfFiscal PolicyimfInternational Financial MarketsimfFiscal Policies and Behavior of Economic Agents: OtherimfDebtimfDebt ManagementimfSovereign DebtimfNational Government Expenditures and Related Policies: GeneralimfPrice LevelimfDeflationimfMacroeconomics: ProductionimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfHousingimfMacroeconomicsimfPublic finance & taxationimfCurrent spendingimfFiscal policyimfOutput gapimfExpenditureimfPricesimfProductionimfNational accountsimfExpenditures, PublicimfEconomic theoryimfSaving and investmentimfUnited StatesimfFiscal policyEconometric models.Capital market.InflationInfrastructurePublic FinanceProduction and Operations ManagementFiscal PolicyInternational Financial MarketsFiscal Policies and Behavior of Economic Agents: OtherDebtDebt ManagementSovereign DebtNational Government Expenditures and Related Policies: GeneralPrice LevelDeflationMacroeconomics: ProductionEconomic Development: Urban, Rural, Regional, and Transportation AnalysisHousingMacroeconomicsPublic finance & taxationCurrent spendingFiscal policyOutput gapExpenditurePricesProductionNational accountsExpenditures, PublicEconomic theorySaving and investmentStratmann Thomas1493520Akitoby Bernardin1493521International Monetary Fund.African Dept and Fiscal Affairs Dept.DcWaIMFBOOK9910788347403321The Value of Institutions for Financial Markets3716525UNINA