LEADER 03944nam 2200817 a 450 001 9910464855903321 005 20170817212522.0 010 $a1-4623-3768-6 010 $a1-4527-6324-0 010 $a1-282-55821-8 010 $a1-4519-1018-5 010 $a9786613822352 035 $a(CKB)3360000000443270 035 $a(EBL)1608450 035 $a(SSID)ssj0000948575 035 $a(PQKBManifestationID)11531046 035 $a(PQKBTitleCode)TC0000948575 035 $a(PQKBWorkID)10950155 035 $a(PQKB)11063334 035 $a(OCoLC)568151169 035 $a(MiAaPQ)EBC1608450 035 $a(EXLCZ)993360000000443270 100 $a20090807d2007 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPolicy credibility and sovereign credit$b[electronic resource] $ethe case of new EU member states /$fprepared by David Hauner, Jiri Jonas, and Manmohan S. Kumar 210 $a[Washington, D.C.] $cInternational Monetary Fund$d2007 215 $a1 online resource (31 p.) 225 1 $aIMF working paper ;$vWP/07/1 300 $a"January 2007." 311 $a1-4518-6565-1 320 $aIncludes bibliographical references (p. 17-19). 327 $aContents; I. Introduction; II. Policy Credibility and Sovereign Credit; III. The Case of the New Member States; IV. Methodology and Data; A. Testing Strategy; B. Data; C. Estimation Issues; II. Results; A. All Countries; B. New Member States; C. Robustness; III. Conclusions; References; Figure; EU8-Government Debt, Interest Expenditure, and Effective Interest Rate (1995 = 100); Tables; 1. Variable Description; 2. Sovereign Ratings-Recursive Estimates; 3. Foreign Currency Spreads-Recursive Estimates; 4. Local Currency Yields-Recursive Estimates 327 $a5. Illustrative Quantitative Effects of NMS Coefficients6. Sovereign Ratings-Robustness Checks; 7. Foreign Currency Spreads-Robustness Checks; 8. Local Currency Yields-Robustness Checks; Appendix; Computation of Bond Spreads; Appendix; Computation of Bond Spreads 330 $aReferences to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, an 410 0$aIMF working paper ;$vWP/07/1. 606 $aFiscal policy$zEurope, Central 606 $aFiscal policy$zEurope, Eastern 606 $aFiscal policy$zEuropean Union countries 606 $aCredit ratings$zEurope, Central 606 $aCredit ratings$zEurope, Eastern 606 $aCredit ratings$zEuropean Union countries 606 $aDebts, Public$zEurope, Central 606 $aDebts, Public$zEurope, Eastern 606 $aDebts, Public$zEuropean Union countries 608 $aElectronic books. 615 0$aFiscal policy 615 0$aFiscal policy 615 0$aFiscal policy 615 0$aCredit ratings 615 0$aCredit ratings 615 0$aCredit ratings 615 0$aDebts, Public 615 0$aDebts, Public 615 0$aDebts, Public 676 $a332 676 $a335.4/12 700 $aHauner$b David$0862706 701 $aJona?s?$b Jir?i?$0495961 701 $aKumar$b Manmohan S$0862707 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464855903321 996 $aPolicy credibility and sovereign credit$92233848 997 $aUNINA