06227oam 22012734 450 991096676150332120250426110030.09781475543155147554315897814755713631475571364(CKB)2670000000234729(EBL)1606799(SSID)ssj0000953216(PQKBManifestationID)11522111(PQKBTitleCode)TC0000953216(PQKBWorkID)10907004(PQKB)11519790(Au-PeEL)EBL1606799(CaPaEBR)ebr10590661(OCoLC)795923824(IMF)WPIEE2012156(IMF)WPIEA2012156(MiAaPQ)EBC1606799WPIEA2012156(EXLCZ)99267000000023472920020129d2012 uf 0engur|n|---|||||txtccrFiscal Transparency, Fiscal Performance and Credit Ratings /Julio Escolano, Elif Arbatli Saxegaard1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (34 p.)IMF Working PapersDescription based upon print version of record.9781475504477 1475504470 9781475539875 1475539878 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 (Ethics) in governmentBudget planning and preparationimfBudget SystemsimfBudgetimfBudgeting & financial managementimfBudgetingimfCredit ratingsimfDebt ManagementimfDebtimfDebts, PublicimfFiscal PolicyimfFiscal policyimfFiscal stanceimfFiscal transparencyimfInstitutions and the MacroeconomyimfMacroeconomicsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfNational BudgetimfNational Budget, Deficit, and Debt: GeneralimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfFiscal policy.Transparency (Ethics) in government.Budget planning and preparationBudget SystemsBudgetBudgeting & financial managementBudgetingCredit ratingsDebt ManagementDebtDebts, PublicFiscal PolicyFiscal policyFiscal stanceFiscal transparencyInstitutions and the MacroeconomyMacroeconomicsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyNational BudgetNational Budget, Deficit, and Debt: GeneralPublic debtPublic finance & taxationPublic FinanceSovereign Debt324.401Escolano Julio1816370Arbatli Saxegaard Elif1449653International Monetary Fund.DcWaIMFBOOK9910966761503321Fiscal Transparency, Fiscal Performance and Credit Ratings4372399UNINA