LEADER 06070oam 22012134 450 001 9910822474903321 005 20240402045301.0 010 $a1-4755-4315-8 010 $a1-4755-7136-4 035 $a(CKB)2670000000234729 035 $a(EBL)1606799 035 $a(SSID)ssj0000953216 035 $a(PQKBManifestationID)11522111 035 $a(PQKBTitleCode)TC0000953216 035 $a(PQKBWorkID)10907004 035 $a(PQKB)11519790 035 $a(Au-PeEL)EBL1606799 035 $a(CaPaEBR)ebr10590661 035 $a(OCoLC)795923824 035 $a(IMF)WPIEE2012156 035 $a(IMF)WPIEA2012156 035 $a(MiAaPQ)EBC1606799 035 $a(EXLCZ)992670000000234729 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Transparency, Fiscal Performance and Credit Ratings /$fJulio Escolano, Elif Arbatli Saxegaard 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (34 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-0447-0 311 $a1-4755-3987-8 320 $aIncludes bibliographical references. 327 $aCover; Abstract; Contents; I. Introduction; II. Measures Of Fiscal Transparency; Tables; 1. Properties of Fiscal Transparency Indices; 2. Correlation Between Different Transparency Indices; Figures; 1. ROSC Index and GDP Per Capita; 3. Fiscal Transparency and Other Proxies for Transparency; 2. ROSC and OBI Indices; III. Empirical Approach And Data; IV. Results; 3. ROSC Index and Political Competition in Advanced Economies; 4. ROSC Index and Political Competition in Developing Economies; V. Conclusions; 4. Fiscal Transparency, Primary Balance and Public Debt - Advanced Economies Sample 327 $a5. Fiscal Transparency (ROSC Index), Primary Balance and Public Debt - Developing Country Sample6. Fiscal Transparency (OBI Index), Primary Balance and Public Debt - Developing Country Sample; 7. Fiscal Transparency (ROSC Index), Primary Balance and Public Debt - Full Sample; 8. Fiscal Transparency (OBI Index), Primary Balance and Public Debt - Full Sample; 9. Fiscal Transparency and Fiscal Performance - Instrumental Variable Results; 10. Fiscal Transparency and Ratings - Instrumental Variable Results; Appendix Tables; A.1. Numerical Conversion of Sovereign Credit Ratings 327 $aA.2. Data Source and Variable DefinitionsReferences 330 3 $aThis paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF?s Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/156 606 $aFiscal policy 606 $aTransparency in government 606 $aBudgeting$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aInstitutions and the Macroeconomy$2imf 606 $aNational Budget, Deficit, and Debt: General$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFiscal Policy$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aNational Budget$2imf 606 $aBudget Systems$2imf 606 $aMonetary economics$2imf 606 $aPublic finance & taxation$2imf 606 $aBudgeting & financial management$2imf 606 $aFiscal transparency$2imf 606 $aCredit ratings$2imf 606 $aFiscal stance$2imf 606 $aPublic debt$2imf 606 $aBudget planning and preparation$2imf 606 $aFiscal policy$2imf 606 $aDebts, Public$2imf 606 $aBudget$2imf 615 0$aFiscal policy. 615 0$aTransparency in government. 615 7$aBudgeting 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aInstitutions and the Macroeconomy 615 7$aNational Budget, Deficit, and Debt: General 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFiscal Policy 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aNational Budget 615 7$aBudget Systems 615 7$aMonetary economics 615 7$aPublic finance & taxation 615 7$aBudgeting & financial management 615 7$aFiscal transparency 615 7$aCredit ratings 615 7$aFiscal stance 615 7$aPublic debt 615 7$aBudget planning and preparation 615 7$aFiscal policy 615 7$aDebts, Public 615 7$aBudget 676 $a324.401 700 $aEscolano$b Julio$01673847 701 $aArbatli Saxegaard$b Elif$01449653 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910822474903321 996 $aFiscal Transparency, Fiscal Performance and Credit Ratings$94038477 997 $aUNINA