LEADER 03316nam  2200613Ia 450 
001 9910464255003321
005 20170821160723.0
010   $a1-4623-5880-2
010   $a1-4527-8135-4
010   $a1-4518-7174-0
010   $a1-282-84249-8
010   $a9786612842498
035   $a(CKB)3170000000055201
035   $a(EBL)1608171
035   $a(SSID)ssj0000939944
035   $a(PQKBManifestationID)11571933
035   $a(PQKBTitleCode)TC0000939944
035   $a(PQKBWorkID)10937828
035   $a(PQKB)10702265
035   $a(OCoLC)694140997
035   $a(MiAaPQ)EBC1608171
035   $a(EXLCZ)993170000000055201
100   $a20060321d2009      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 14$aThe value of institutions for financial markets$b[electronic resource] $eevidence from emerging markets  /$fprepared by Bernardin Akitoby and Thomas Stratmann
210   $a[Washington, D.C.] $cInternational Monetary Fund, African Dept and Fiscal Affairs Dept.$d2009
215   $a1 online resource (23 p.)
225 1 $aIMF working paper ;$vWP/09/27
300   $a"February 2009."
311   $a1-4519-1610-8 
320   $aIncludes bibliographical references.
327   $aContents; 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 Estimates
327   $a5. 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; References
330   $aThis paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally lower sovereign spreads, political risk tends to increase them, and financial markets tend to view ele
410  0$aWorking paper (International Monetary Fund. African Dept and Fiscal Affairs Dept.).$n09/27.
606   $aFiscal policy$xEconometric models
606   $aCapital market
608   $aElectronic books.
615  0$aFiscal policy$xEconometric models.
615  0$aCapital market.
700   $aAkitoby$b Bernardin$0883156
701   $aStratmann$b Thomas$0883157
712 02$aInternational Monetary Fund.$bAfrican Dept and Fiscal Affairs Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464255003321
996   $aThe value of institutions for financial markets$91972797
997   $aUNINA