LEADER 06484oam 22015494 450 001 9910788518003321 005 20230721050842.0 010 $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(IMF)WPIEE2007001 035 $a(EXLCZ)993360000000443270 100 $a20020129d2007 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPolicy Credibility and Sovereign Credit : $eThe Case of New EU Member States /$fManmohan Kumar, Jirí Joná?, David Hauner 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2007. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 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 3 $aReferences to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, and local currency yields. The results suggest that the NMS appear to have enjoyed higher credibility compared to their peers. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2007/001 606 $aFiscal policy$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 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMonetary economics$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aMacroeconomics$2imf 606 $aCurrencies$2imf 606 $aCurrent account balance$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aReal interest rates$2imf 606 $aMoney$2imf 606 $aBalance of payments$2imf 606 $aFinancial markets$2imf 606 $aPrices$2imf 606 $aFinancial services$2imf 606 $aFinancial services industry$2imf 606 $aInterest rates$2imf 607 $aUnited States$2imf 615 0$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 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aFinance: General 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPrice Level 615 7$aDeflation 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMonetary economics 615 7$aInternational economics 615 7$aFinance 615 7$aMacroeconomics 615 7$aCurrencies 615 7$aCurrent account balance 615 7$aEmerging and frontier financial markets 615 7$aReal interest rates 615 7$aMoney 615 7$aBalance of payments 615 7$aFinancial markets 615 7$aPrices 615 7$aFinancial services 615 7$aFinancial services industry 615 7$aInterest rates 676 $a332 676 $a335.4/12 700 $aKumar$b Manmohan$01464134 701 $aJoná?$b Jirí$0495961 701 $aHauner$b David$01485145 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788518003321 996 $aPolicy Credibility and Sovereign Credit$93844930 997 $aUNINA