05699oam 22013814 450 991097078550332120250426110450.0978661284249897814623588091462358802978145278135814527813549781451871746145187174097812828424961282842498(CKB)3170000000055201(EBL)1608171(SSID)ssj0000939944(PQKBManifestationID)11571933(PQKBTitleCode)TC0000939944(PQKBWorkID)10937828(PQKB)10702265(OCoLC)694140997(IMF)WPIEE2009027(MiAaPQ)EBC1608171(IMF)WPIEA2009027WPIEA2009027(EXLCZ)99317000000005520120020129d2009 uf 0engur|n|---|||||txtccrThe Value of Institutions for Financial Markets : Evidence From Emerging Markets /Thomas Stratmann, Bernardin Akitoby1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (23 p.)IMF Working Papers"February 2009."9781451916102 1451916108 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 marketCurrent spendingimfDebt ManagementimfDebtimfDeflationimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfEconomic theoryimfExpenditureimfExpenditures, PublicimfFiscal Policies and Behavior of Economic Agents: OtherimfFiscal PolicyimfFiscal policyimfHousingimfInflationimfInfrastructureimfInternational Financial MarketsimfMacroeconomicsimfMacroeconomics: ProductionimfNational accountsimfNational Government Expenditures and Related Policies: GeneralimfOutput gapimfPrice LevelimfPricesimfProduction and Operations ManagementimfProductionimfPublic finance & taxationimfPublic FinanceimfSaving and investmentimfSovereign DebtimfUnited StatesimfFiscal policyEconometric models.Capital market.Current spendingDebt ManagementDebtDeflationEconomic Development: Urban, Rural, Regional, and Transportation AnalysisEconomic theoryExpenditureExpenditures, PublicFiscal Policies and Behavior of Economic Agents: OtherFiscal PolicyFiscal policyHousingInflationInfrastructureInternational Financial MarketsMacroeconomicsMacroeconomics: ProductionNational accountsNational Government Expenditures and Related Policies: GeneralOutput gapPrice LevelPricesProduction and Operations ManagementProductionPublic finance & taxationPublic FinanceSaving and investmentSovereign Debt336.3;336.309172;336.3091724Stratmann Thomas1815789Akitoby Bernardin1799874International Monetary Fund.African Dept and Fiscal Affairs Dept.DcWaIMFBOOK9910970785503321The Value of Institutions for Financial Markets4372354UNINA