LEADER 03188nam 2200637 450 001 9910464248303321 005 20170821160714.0 010 $a1-4623-8303-3 010 $a1-4527-1880-6 010 $a9786612842108 010 $a1-282-84210-2 010 $a1-4518-7117-1 035 $a(CKB)3170000000055156 035 $a(EBL)1608092 035 $a(SSID)ssj0000944157 035 $a(PQKBManifestationID)11503327 035 $a(PQKBTitleCode)TC0000944157 035 $a(PQKBWorkID)10982504 035 $a(PQKB)11648869 035 $a(OCoLC)761878570 035 $a(MiAaPQ)EBC1608092 035 $a(EXLCZ)993170000000055156 100 $a20140227h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIs it (still) mostly fiscal? $edeterminants of sovereign spreads in emerging markets /$fEmanuele Baldacci, Sanjeev Gupta and Amine Mati 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (25 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/259 300 $aDescription based upon print version of record. 311 $a1-4519-1570-5 320 $aIncludes bibliographical references. 327 $aContents; 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 Spreads 330 $aUsing a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the 410 0$aIMF Working Papers 606 $aCorporate bonds$zDeveloping countries$xEconometric models 606 $aState bonds$zDeveloping countries$xEconometric models 608 $aElectronic books. 615 0$aCorporate bonds$xEconometric models. 615 0$aState bonds$xEconometric models. 676 $a332.63234 700 $aBaldacci$b Emanuele$0117934 701 $aGupta$b Sanjeev$0257292 701 $aMati$b Amine$0869061 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464248303321 996 $aIs it (still) mostly fiscal$91940182 997 $aUNINA