LEADER 05246oam 22011654 450 001 9910788341603321 005 20230721045629.0 010 $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(IMF)WPIEE2008259 035 $a(EXLCZ)993170000000055156 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIs it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets /$fSanjeev Gupta, Amine Mati, Emanuele Baldacci 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aUsing a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the fiscal deficit does not worsen. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/259 606 $aCorporate bonds$zDeveloping countries$xEconometric models 606 $aState bonds$zDeveloping countries$xEconometric models 606 $aFinance: General$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aNational Government Expenditures and Related Policies: Infrastructures$2imf 606 $aOther Public Investment and Capital Stock$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aFiscal Policy$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aPublic finance & taxation$2imf 606 $aFinance$2imf 606 $aPublic debt$2imf 606 $aPublic investment spending$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aFiscal stance$2imf 606 $aFiscal risks$2imf 606 $aFiscal policy$2imf 606 $aDebts, Public$2imf 606 $aPublic investments$2imf 606 $aFinancial services industry$2imf 607 $aUnited States$2imf 615 0$aCorporate bonds$xEconometric models. 615 0$aState bonds$xEconometric models. 615 7$aFinance: General 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aNational Government Expenditures and Related Policies: Infrastructures 615 7$aOther Public Investment and Capital Stock 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aFiscal Policy 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aPublic finance & taxation 615 7$aFinance 615 7$aPublic debt 615 7$aPublic investment spending 615 7$aEmerging and frontier financial markets 615 7$aFiscal stance 615 7$aFiscal risks 615 7$aFiscal policy 615 7$aDebts, Public 615 7$aPublic investments 615 7$aFinancial services industry 676 $a332.63234 700 $aGupta$b Sanjeev$0257292 701 $aMati$b Amine$01493467 701 $aBaldacci$b Emanuele$0117934 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788341603321 996 $aIs it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets$93716467 997 $aUNINA